When a personal representative is appointed in California Probate Court, they have multiple duties they must fulfill.
First of all, the personal representative, decide whether there are any assets that need to go through probate in the first place. Those assets must be gathered and managed by the personal representative throughout the probate process. Once the assets are gathered, the representative must receive payments due to the estate and set up a bank account to hold all payments owed to the estate.
Once this is done, the personal representative has to determine who gets what assets remaining under the will. If there is no will, the administrator has to look at applicable California State law to determine who receives which of the estate’s assets. Then, all estate assets need to be evaluated and all creditors and potential creditors need to be given notice of the probate proceeding concerning the estate as well as any deadlines for those creditors to make claims. Then all valid claims against the estate need to be paid. Estate funds can be used for any ongoing expenses due for the estate. Day to day tasks such as paying taxes then need to be taken care of and only after all of these tasks are complete can the personal representative pass the assets to those in the will or designated by applicable California law. Once assets are distributed, the personal representative has to file distribution receipts and close any remaining details.
In order to be appointed as a personal representative by the court, the court may require you to obtain a personal representative bond in order to protect the estate and its beneficiaries in accordance with California state law.
Where can you purchase instant personal representative surety bonds?
Colonial Surety offers the direct and digital way to obtain personal representative bonds, also known as executor bonds, administrator bonds, estate bonds, and probate bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!