Responsibilities of Executor or Administrator

During a California probate, the person handling the estate is called the “executor” if there is a will, or the “administrator” if there is no will or no executor is named in the will. Anyone setting up an estate plan should understand the responsibilities of an executor or administrator.

Understanding the Roles of Executors and Administrators in Orange County

As an executor or administrator, you will have a number of duties and actions to consider:

• You are a fiduciary, which means that you have a duty to act in the interests of the estate.
• You may not take advantage of your position for personal profit.
• You must keep the funds of the estate in a separate, well-marked bank account and do regular accountings to the court. It is your duty to list, document, and collect the decedent’s assets.
• It is your duty to keep everything current and “ship shape” as if you were the decedent.

A Probate Attorney Can Help You Understand the Role of an Executor or Administrator

As the executor or administrator, you must file a petition for probate and give notice to the appropriate parties of the hearing date. Also, the notice of the petition to administer the estate must be published in a newspaper. Proof of publication must be filed with the court before the hearing on the probate petition.

A number of additional specific actions are expected of an executor or administrator:

• The executor or administrator must prepare an inventory and appraisal of the estate’s assets. Estates are appraised by California probate referees, who are appointed by the state controller to determine the fair market value of the asset. The fair market value includes mortgages and other debts, which can result in an appraisal of the property exceeding the equity the deceased owned in it.
• The executor or administrator must give notice to the creditors to let them know they may file claims against the estate.
• The executor or administrator must inventory all outstanding debts by going through files, bills, emails, statements, etc.
• The executor or administrator must pay the debts of the estate and, if short on funds, sell assets to be able to cover the debts. The executor or administrator pays or settles any bills, rent, mortgage, and utilities to ensure that the decedent’s estate is protected throughout the process.
• The executor or administrator is also responsible for filing tax returns on behalf of the estate.
• The executor or administrator prepares and files a Final Accounting and Petition for Final Distribution, and serves notice to all interested parties.
• The executor or administrator appears at a final hearing and carries out the distribution approved by the court.
• The executor or administrator applies for final discharge.

Why You Should Hire a Probate Lawyer

You’ve worked hard to build your estate, and one day, it may be in the hands of an executor. In a county with an average home value of $1,147,210, the decisions an administrator makes matter. When you hire a probate lawyer, you benefit from their understanding of state probate laws and the role an administrator or executor may play in your probate case

If you are beginning the estate planning process early in life or are part of the 17.4% of local residents 65 and older, a probate attorney can explain the role of an executor and help you draft a list of suitable candidates. Once you decide who will one day manage your estate, you can explain their duties and responsibilities and refer to your attorney for help and guidance as needed.

FAQs

Q: What Are the Core Duties of an Executor or Administrator?

A: The core duty of an executor or administrator is to manage the settling of an estate from start to finish. The specific duties may include locating assets, filing required court documents, notifying beneficiaries and creditors, paying valid debts and taxes, managing estate property, and ultimately distributing assets in accordance with the will.

Q: What Legal Responsibilities Does an Executor or Administrator Owe to the Estate?

A: Executors and administrators have a fiduciary duty to the estate and all of its beneficiaries. This means they must prioritize the estate’s interests and the wishes of the estate owner. They are also required to follow court orders and treat beneficiaries fairly. If they fail to uphold these duties, the court may step in to replace the administrator.

Q: What Are Common Mistakes Executors and Administrators Make?

A: Common mistakes that an executor or administrator could make include missing court deadlines, failing to properly notify creditors or beneficiaries, mismanaging assets, mixing estate funds with personal accounts, and misunderstanding probate requirements. Executors may also underestimate the time and responsibility involved. These mistakes can lead to costly delays. Serious errors or negligence could expose the administrator to liability

Q: When, if Ever, Can an Executor Access a Deceased Person’s Bank Account?

A: An executor can access a deceased person’s bank account once they are formally appointed to administer the account by the probate court. Fulfilling the role of an executor requires accessing bank accounts and other personal information. By acting on behalf and in the interest of the decedent, the executor can settle debts, close accounts, and fulfill other important tasks.

Contact a Trusted Probate Law Firm

When estate owners in Orange County need help understanding the roles of executors and administrators, they know to trust Quinn & Dworakowski, LLP, for exceptional legal services and guidance. Our law firm brings over 100 years of combined legal experience, and our deep roots in the community mean we understand how probate cases and disputes are handled at the Costa Mesa Justice Complex, which is located at 3390 Harbor Boulevard.

Whether you live in Orchard Hills, Woodbridge, or elsewhere in Orange County, we are prepared to help you create or update an estate plan that achieves your goals. Contact our law firm today to start the process and take the first step toward protecting what you have built.

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