What is Estate Administration? Estate administration provides for the orderly distribution of real and personal property owned by a decedent. More specifically, any property which the decedent owned or in which the decedent had an interest at the time of death is collected into the estate and distributed to those entitled to it after all debts and expenses have been paid. The process of administering a decedent‘s estate is referred to as “probate,” and is generally supervised by the probate court. A personal representative is the person or entity charged with the responsibility of administering a decedent’s estate (Cal.Prob. Code § 58(a)).*
What is a Personal Representative? A personal representative is either: -An executor (executrix) who is named in a will; or -An administrator (administratrix) who is appointed by the court when there is no will, when the will does not name an executor or when the named executor is unable or unwilling to serve. The personal representative is charged with the fiduciary responsibility of gathering the assets and paying the debts of the decedent in-such a way that the beneficiaries or heirs of the decedent receive the maximum inheritance. The personal representative usually will hire an estate attorney to handle the legal aspects of the probate. Most business dealings are through the estate attorney. *
What we Provide for our Clients?
Informational purposes only. Consult your own tax, estate planning and legal professional for advice.Copyright© 2005 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reprint and use this material for non-commercial purposes provided credit is given to the C.A.R. Legal Department. Other reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved *(Information Copyright© 2005 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).)What is a Probate Real Estate Sale?
Harry Kapukchyan - Rodeo Realty Studio City Real Estate
What is a Probate / Trust Sale?
The transfer of legal title (ownership) of real property from the estate of the person who has died to his or her beneficiaries, or to a buyer under the supervision of the court.