Personal Representative Duties (PR)
The deceased can name a person as the personal representative of estate (Executor). However, the courts may appoint a PR (administrator) the probate court may require the personal representative to post a bond to serve the position.
• The personal representative is an officer of the court and must sign an acknowledgement of receipt “Duties and Liabilities of Personal Representative. ” California Probate Code §8404. “An attorney is best qualified to advise you about these matters”.
• The personal representative must oversee managing the estate’s assets and investments responsibly. Another rule familiar to estate planning attorneys is the prohibition of commingling estate funds. Instead, money in the estate must earn interest.
Also keep it in insured accounts, and consult an estate planning lawyer before making investments. In addition, all cash must be documented and kept separate, and the courts must approve any spending.
• A California personal representative must locate and take possession of all the estate’s property and determine its value. Finally, the PR needs to file an inventory and appraisal within four months of all the assets in the estate. This representative must also file this change with the county recorder or assessor where the estate property is located.
• The personal representative must mail a notice of administration to each known creditor within four months of appointment.
• A California personal representative must obtain and maintain adequate insurance. Moreover, it should cover the property’s assets and risks for the entire period of the estate’s administration.
• A personal representative must keep complete and accurate records of each financial transaction, money and property received, spent, and the transactions’ dates.
A real estate attorney helps provide more detailed explanations of your particular situation.