This is a course teaching important facts to know when dealing with probate law. Created by Mina Sirkin: Probate Specialist in Los Angeles since 1992.

1. California Probate Course
By: Mina N. Sirkin; Probate Specialist

2. California Administrators and
executors often need an
executor course or a short list
of tips about how to manage
estate assets or what they
should do in probate. This is a
short mini probate course to
help you. We offer an extensive
executor course at our office
for those who are not
represented by counsel.

3. Gather all estate assets and
collect the debts owed to the
decedent.
The executor or administrator has the right to
and must take possession or control of, all the
property of the decedent to be administered in
the decedent’s estate and must collect all debts
due to the decedent or the estate.

4. The Executor must collect rent.
The executor must and is entitled to receive the
rents, issues, and profits from the real and
personal property in the estate until the estate is
distributed. It is a common mistake by executors to
let family members live in the decedent’s home
without rent. Because the executor must make the
assets of the estate income producing, if this
situation exists, you must charge rent, or file a
petition for instructions to the court.

5. Pay the tax, please!
The executor must pay taxes on time, and take all steps
reasonably necessary for the management, protection, and
preservation of, the estate in his or her possession. This
includes property tax, income tax, payroll tax, and estate tax.
Make a list, and see a CPA as soon as you become an executor.
If you are not sure whether the decedent filed returns, look for
income information such as K1s or old tax returns in the
decedent’s home to make this determination.

6. Storage of estate
assets with some
persons, but be
cautious!
Real property or tangible personal property
can be left with or surrendered to the person
presumptively entitled to it unless or until, in
the judgment of the executor, possession of the
property by the executor will be necessary for
purposes of administration. The person
holding the property must surrender it to the
executor on request by the executor. If you are
an executor, do not store the decedent’s
personal effects in your own home. This can
create a misimpression that you took the
assets for yourself.

7. What if the
executor
accidentally
takes over
someone else's
property?
An executor who in good faith
takes into possession real or
personal property, and
reasonably believes that the
property is part of the estate of
the decedent, is not:
● (1) Criminally liable for so
doing.
● (2) Civilly liable to any
person for so doing.

8. The Executor must
find out whose
property it is that is
being marshaled in
the probate estate.
The executor must make reasonable
efforts to determine the true nature
of, and title to, the property is taken
into possession.

9. Do you get paid as an executor, if
you collected probate assets, but
have to give the property back?
The court may allow the executor reasonable
compensation for services rendered in connection with
the duties specified in this section as to property later
determined not to be part of the estate of the decedent if
the court makes one of the following findings:
The executor's services were of benefit to the estate. If
the court makes this finding, the compensation and the
expenses and costs of litigation, including attorney’s
fees of the attorney hired by the executor to handle the
matter, are a proper expense of administration.
The executor's services were essential to preserve,
protect, and maintain the property. If the court makes
this finding, the court must award compensation and
the expenses and costs of litigation, including attorney’s
fees of the attorney hired by the executor to handle the
matter, as an expense deductible from the rents, issues,
and profits received by the executor, or, if these are
insufficient, as a lien against the property.

10. Do not pay yourself
as executor without a
court order.

11. The Executor must invest
the cash in interest
bearing accounts.
The executor must keep all cash in his
or her possession invested in
interest-bearing accounts or other
investments authorized by law. The
above does not apply to the amount of
cash that is reasonably necessary for
the orderly administration of the
estate, such as money used to pay the
mortgage and tax.

12. The Executor must
recover the property
of the estate.
The heirs or devisees may themselves, or jointly
with the executor, maintain an action for
possession of property or to quiet title to
property against any person except the
executor.
If the estate is opened here, but there are assets
outside of California, you will need to open an
ancillary probate in the state to collect out of
state properties or sell them there.

13. The Executor rights with respect
to stocks are broad.
With respect to a share of stock of a domestic or foreign
corporation held in the estate, a membership in a nonprofit
corporation held in the estate, or other property held in the
estate, an executor may do any one or more of the following:
A. Vote in person, and give proxies to exercise, any voting
rights with respect to the share, membership, or other
property.
B. Waive notice of a meeting or give consent to the holding
of a meeting.
C. Authorize, ratify, approve, or confirm any action which
could be taken by shareholders, members, or property
owners.

14. The Executor must insure the
property of the estate.
➔ The executor may insure the property
of the estate against damage or loss
and may insure himself or herself
against liability to third persons.
➔ If you fail to carry insurance on the
estate property and there is a fire or
other loss on the property, you as
executor will be held responsible.
Also, be sure to carry liability
insurance. Adequate insurance
should be discussed with an
insurance agent familiar with
probate.

15. The Executor must not personally
profit from the estate assets.
There is a difference in acting as a beneficiary and acting as an
executor. Executors are not allowed to personally profit from
the estate increases unless the will specifically so allows.
Don’t even think about buying the estate assets and then selling
it for more. This is not allowed without a prior court order and
can land you in much trouble.

16. Some types losses are
not the responsibility of
the Executor.
The Executor is not accountable for losses
by the decrease or destruction without his
or her fault, of any part of the estate. This
means market value fluctuation losses,
which were not in his control, or could not
be reasonably prevented. An executor
should obtain advice from a financial
advisor regarding prudent investment of
estate assets.

17. Thank you!
By: Mina N. Sirkin Probate Specialist in Los
Angeles is licensed to practice law in
California since 1992. Ms. Sirkin is Board
Certified as a specialist in probate, estate
planning, and trust law in California and a
media expert in estates.
Contact us by Email at
Info@SirkinLaw.com or by Telephone at
818.340.4479.