Those who come to us here at The Law Offices of Alice A. Salvo after having been named as the personal representative for the estate of a deceased acquaintance in Woodland Hills consider such an appointment to be quite an honor. However, if you have been asked to fill such a role, you should understand that there are a great number of responsibilities that come with it. If your experience in estate law is limited, then it may benefit you to research what your expected duties are immediately after learning of your appointment. This is because the law requires a certain immediate action of you: the submission of an inventory and appraisal of the estate’s assets.
According to the California Probate Code, your inventory and appraisal shall list all of the items included in an estate along with their current fair market value. Such an assessment should be done by a qualified appraiser. Often, the court can be resource in helping you find individuals or parties to perform this service. Your inventory and appraisal shall be submitted as one document to the court within four months after being informed of this responsibility. If you fail to meet this time frame, interested parties to the estate may petition that you be removed from your role as personal representative, and that you repay any fees associated with your inaction as well as their petition.
If you learn of estate assets that were not included in your initial inventory and appraisal, you are allowed an additional four months to submit an amended document. All submissions made to the court must also be made available to interested parties upon request.
You can find out more about your responsibilities as a personal representative by continuing to read through our site.