1. Managing the Estate's Assets
a. Prudent investments
You must manage the estate assets with the care of a prudent person
dealing with someone else's property. This means that you much be
cautious and may not make any speculative investments.
b. Keep estate assets separate
You must keep the money and property in this estate separate from
anyone else's, including your own. When you open a bank account
for the estate, the account name must indicate that it is an estate
account and not your personal account. Never deposit estate funds
in your personal account or otherwise mix them with your or anyone
else's property. Securities in the estate must also be held in a
name that shows they are estate property and not your personal property.
c. Interest-bearing accounts
and other investments Except for checking accounts intended
for ordinary administration expenses, estate accounts mush earn
interest. You may deposit estate funds in insured accounts in financial
institutions, but you should consult with an attorney before making
other kinds of investments.
d. Other restrictions
There are many other restrictions on your authority to deal with
estate property. You should not spend any of the estate's money
unless you have received permission from the court or have been
advised to do so by an attorney. You may reimburse yourself for
official court costs paid by you to the county clerk and for the
premium on your bond. Without prior order of the court, you may
not pay fees to yourself or to your attorney, if you have one. If
you do not obtain the court's permission when it is required, you
may be removed as personal representative or you may be required
to reimburse the estate from you own personal funds, or both. You
should consult with an attorney concerning the legal requirements
affective sales, leases, mortgages, and investments of estate property.
2. Inventory of Estate Property
a. Locate the estate's
property You must attempt to locate and take possession
of all the decedent's property to be administered in the estate.
b. Determine the value
of the property This can be done yourself or you can consult
a professional to assist you.
c. Final an inventory and
appraisal You must file with the court an inventory and
appraisal of all the assets in the estate.
d. File a change of ownership
At the time you file the inventory and appraisal, you must also
file a change of ownership statement with the county recorded or
assessor in each county where the decedent owned real property at
the time of death.
3. Notice to Creditors
You must mail a notice of administration
to each known creditor of the decedent within two to four months after
your appointment as personal representative.
4. Insurance
You must mail a notice of administration
to each known creditor of the decedent within four months after your
appointments as personal representative.
5. Record Keeping
a. Keep accounts
You must keep complete and accurate records of each financial transaction
affecting the estate. You will have to prepare an account of all
money and property you have received, what you have spent, and the
date of each transaction. You must describe in detail what you have
left after the payment of expenses.
b. Court review?
your account will be reviewed by the court. Save your receipts because
the court may ask to review them. If you do not file your accounts
as required, the court will order you to do so. Your may be removed
as personal representative if you fail to comply.
