PROBATE - California Phase Two - In California probate, after the initial petition and court hearing (Phase 1), Phase 2 involves the appointed personal representative (executor/administrator) administering the estate, including inventorying assets, notifying creditors, paying debts and taxes, and ultimately distributing the remaining assets to beneficiaries after court approval.
Here's a more detailed breakdown of Phase 2:
1. Executor/Administrator Appointment and Letters of Administration:
- After the first hearing, the court appoints the executor or administrator and issues "Letters Testamentary" or "Letters of Administration".
- These letters are proof of authority to act on behalf of the estate and are presented to banks, financial institutions, and other entities.
2. Administering the Estate:
Inventory and Appraisal
- The personal representative must identify, locate, and inventory all assets of the estate, including real property, personal property, and financial accounts.
- Real property and other assets may require appraisal by a probate referee appointed by the court.
Notice to Creditors:
The personal representative must notify all known creditors of the decedent's death and provide a deadline for filing claims.
Paying Debts and Taxes:
The personal representative must pay all valid debts, funeral expenses, and taxes owed by the estate, including income taxes and potential estate taxes.
Filing Tax Returns:
The estate may need to file final income tax returns for the decedent and potentially an estate tax return.
Maintaining Estate Accounts:
The personal representative will need to open and manage estate bank accounts, and handle any other financial matters related to the estate.
3. Distribution to Beneficiaries:
Petition for Final Distribution:
Once all debts and taxes are paid, the personal representative prepares a petition for final distribution, outlining how the remaining assets should be distributed to the beneficiaries.
Notice of Hearing:
The personal representative must provide notice to interested parties (heirs, devisees, and anyone who has filed a request for special notice) about the hearing on the petition for final distribution.
Court Hearing and Order:
The court reviews the petition and, if approved, issues an order for final distribution.
Distribution of Assets:
The personal representative then distributes the assets to the beneficiaries as ordered by the court.
Closing the Estate:
Once the assets are distributed, the personal representative files a final accounting and a petition to close the estate.
Does not include any Third Party Fees, Court Costs or Efiling Filing Fees.
PROBATE - California Phase Two (California)
PROBATE - California Phase Two - In California probate, after the initial petition and court hearing (Phase 1), Phase 2 involves the appointed personal representative (executor/administrator) administering the estate, including inventorying assets, notifying creditors, paying debts and taxes, and ultimately distributing the remaining assets to beneficiaries after court approval.
Here's a more detailed breakdown of Phase 2:
1. Executor/Administrator Appointment and Letters of Administration:- After the first hearing, the court appoints the executor or administrator and issues "Letters Testamentary" or "Letters of Administration".
- These letters are proof of authority to act on behalf of the estate and are presented to banks, financial institutions, and other entities.
2. Administering the Estate:
Inventory and Appraisal
- The personal representative must identify, locate, and inventory all assets of the estate, including real property, personal property, and financial accounts.
- Real property and other assets may require appraisal by a probate referee appointed by the court.
Notice to Creditors:
The personal representative must notify all known creditors of the decedent's death and provide a deadline for filing claims.Paying Debts and Taxes:
The personal representative must pay all valid debts, funeral expenses, and taxes owed by the estate, including income taxes and potential estate taxes.Filing Tax Returns:
The estate may need to file final income tax returns for the decedent and potentially an estate tax return.Maintaining Estate Accounts:
The personal representative will need to open and manage estate bank accounts, and handle any other financial matters related to the estate.3. Distribution to Beneficiaries:
Petition for Final Distribution:
Once all debts and taxes are paid, the personal representative prepares a petition for final distribution, outlining how the remaining assets should be distributed to the beneficiaries.Notice of Hearing:
The personal representative must provide notice to interested parties (heirs, devisees, and anyone who has filed a request for special notice) about the hearing on the petition for final distribution.Court Hearing and Order:
The court reviews the petition and, if approved, issues an order for final distribution.Distribution of Assets:
The personal representative then distributes the assets to the beneficiaries as ordered by the court.Closing the Estate:
Once the assets are distributed, the personal representative files a final accounting and a petition to close the estate.Does not include any Third Party Fees, Court Costs or Efiling Filing Fees.