Asset administration is the probate process personal representatives undertake by identifying, gathering, valuing, and distributing the money and property someone amasses prior to death. If the individual dies with a will in place, the assets will be identified along with the people or charities that will receive them, the beneficiaries.
The California Probate Code provides rules for distributing assets if the deceased dies intestate without adopting a will. The court first considers the spouse and children of the deceased as the heirs who will receive the assets and, if none are found, continues to look for close relatives.
Asset administration in Covina probate is precise but less daunting if you are named a personal representative and seek the help of a seasoned probate attorney. Call Amity Law Group, LLP, today to learn more.
Inventory of Assets
Asset administration begins when the executor named in a will, or an administrator appointed by the court if no will exists, is formally appointed personal representative by the probate judge who accepts the will as genuine. Once appointed, the personal representative conducts an inventory of the deceased person’s assets, which can include personal property like:
- Jewelry, clothing, and artwork
- Automobiles and boats
- Bank accounts
- Investments such as stocks and bonds
- Real estate held solely by the deceased
- Business interests that are not subject to a business succession contract
Personal representatives have four months under California law to file the completed inventory with the probate court. A supplemental one must be submitted if additional assets are discovered after the filing. A knowledgeable Covina asset administration lawyer assists personal representatives in ensuring inventories meet all probate court requirements.
Valuation of Assets
Part of the inventory includes valuing the assets to determine the estate’s financial condition. Account statements prove how much money is in the bank, and stocks can be valued by their closing price on the date of death. When warranted, the court will appoint a probate referee to conduct professional appraisals of antiques, real estate, and business holdings.
Knowing the value of the assets allows the representative to sell them at a fair price to satisfy creditors and then distribute what is left to beneficiaries. The personal representative has a fiduciary duty to safeguard assets and work for the benefit of the estate and the beneficiaries. Because mismanagement can lead to civil and even criminal charges, contact an estate planning attorney to discuss estate administration in Covina probate.
How a Lawyer Can Help With Asset Administration
An estate administration attorney works with personal representatives by overseeing their duties, which include the following:
- Filing a petition and a will to open a probate case in Los Angeles County Superior Court, beginning with a judge who verifies the will and names a personal representative
- Contacting beneficiaries or statutory heirs
- Overseeing the asset inventory and appraisal
- Managing creditors’ claims
- Collaborating when assets must be sold to satisfy creditors’ claims
- Assisting with filing final federal and state income tax payments and federal estate taxes if applicable, although California does not impose an estate tax
- Overseeing the distribution of assets
Personal representatives are usually inexperienced at settling estates. They are generally the spouse or adult children of the deceased. Contact our law office to ensure proper estate administration in a Covina probate case.
Call an Asset Administration Attorney in Covina to Handle Your Probate Needs
When a loved one passes away, with or without a will, the estate enters probate, and the assets are distributed to heirs and beneficiaries. The probate court appoints and oversees personal representatives, but most lack experience and need legal assistance.
Our dedicated lawyers understand your concerns if you have been named a personal representative and must now undertake asset administration in Covina probate court. If you were named in the will the deceased adopted, they trusted you to honor their wishes. Contact us to schedule a consultation so we can help you honor them.
