Estate Executor’s Duties During the Probate Process

READS YOUR WILL: Expedites your burial instructions

Meets members of your family and other interested parties who desire aid and information, confers with your attorney who drew the Will and persons familiar with your financial affairs.

SAFEGUARDS YOUR ASSETS
Takes such immediate protective measures as are desirable prior to appointment as executor.
Looks to insurance and protection of both real and personal property.
Secure knowledge of your ongoing business interests.
Gives notice of your death to banks, safe deposit companies, and others.
Examines all your books and files.

PETITIONS THE COURT FOR PROBATE OF YOUR WILL
Obtains proof of heirship; locates witnesses; through the attorney for the estate, petitions for probate of Will and, from time to time, applies for all necessary court order in the administration of estate; an appointment as executor, files oath of office. order in administration of estate; an appointment files oath of office.

ASSEMBLIES AND INVENTORIES ALL OF YOUR ASSETS:
Takes proper steps to collect policies of life insurance.
Secures tax waivers and collects all cash.
Inventories and appraises household goods and effects, removing valuables to the vault.
Presses all claims for amounts due, locates evidence and witnesses on contested claims.
Obtains custody of securities.  Collects all interest and dividends.
Arranges proper supervision and management for your ongoing business interests.
Inspects condition, leases, taxes, and mortgages of real estate, and arranges for management.

PROCURES APPRAISAL OF ALL OF YOUR ASSETS
Gathers complete and satisfactory evidence of the value of all assets at the date of your death.

ADMINISTERS YOUR ESTATE
Governed by the wishes expressed in your Will, the requirements of your estate, and the local probate law.
Gives special study to valuable collections; determines method and time of sale for articles not bequeathed; makes a careful estimate of the amount of cash to be raised for the payment of taxes, legacies, and expenses of administration and of the probable net estate for distribution.
Gives exhaustive study to your business interests and determines the policy of continuance, liquidation, or sale with due regard to expressions in your Will.  Carries out or adjusts incomplete contracts.
Investigates all real estate from standpoint of earnings, market, and desirability in case circumstances require its sale.
Makes a comprehensive review of market conditions for each security to decide which should be sold first, if necessary to meet taxes, expenses, claims, and specific bequests.

MAKES ALL YOUR TAX RETURNS
An intricate and involved procedure in which particular forms of information and return must be prepared and filed with each taxing body.
Pays your income taxes.
Attends to Income Tax for part of the year prior to your death.
Files return and pays tax for part of the year after your death.
Makes a careful survey of all possible tax claims to see that no further liability exists upon review by the government.
Pays your inheritance and estate taxes.
Arranges for necessary proceedings to release securities of property located in other states.
Ascertains and pays inheritance tax in the state of residence; obtains waivers for transfer of securities.

SETTLES ALL PROPER CLAIMS
Publishes notice to creditors; obtains all available evidence regarding the propriety of each claim filed, resists all improper claims; pays out of estate funds all approved and allowed claims.

DISTRIBUTES YOUR PROBATE ESTATE
Prepares data for final account showing in detail all receipts and disbursements; notifies interested persons of hearing on account, after the settlement of account by a court, distributes remaining property of your estate as directed by a court.

OBTAINS FINAL DISCHARGE
After final payment and distribution to legatees and devisees secures final discharge as an executor.

Please feel free to print and use this information as a guide to help you with your estate.

Please note that laws very state by state and are subject to change, so I always recommend consulting with an attorney about any estate planning.

I hope you found the information Estate Executor’s Duties During the Probate Process useful.

My name is James Outland and I’m a Real Estate broker serving the Central Coast for the markets of San Luis Obispo and North Santa Barbara County.

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James Outland
Outland and Associates Real Estate
Pismo Beach, Ca 93449
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