CPRES


Estate Executor’s Duties During the Probate Process

©2009, Investors Empowerment Academy, LLC

READS YOUR WILL

 Expedites your burial instructions.

 Meets members of your family and other interested parties who desire aid and information,

 confers with your attorney who drew the Will and persons familiar with your financial affairs.

 SAFEGUARDS YOUR ASSETS

 Takes such immediate protective measures as are desirable prior to appointment as executor.

 Looks to insurance and protection

 of both real and personal property.

 Secure knowledge of your

 ongoing business interests.

 ASSEMBLIES AND INVENTORIES ALL OF YOUR ASSETS

 Examines all your books and files.

 PETITIONS THE COURT FOR PROBATE OF YOUR WILL

 Obtains proof of heirship; locates witnesses; through attorney for estate, petitions for probate of Will and, from time to time, applies for all necessary court

 order in administration of estate; an appointment as executor, files oath of office. order in administration of estate; an appointment files oath of office.

 Gives notice of your death to banks, safe deposit companies and others.

 Takes proper steps to collect policies of life insurance.

 Secures tax waivers and collects all cash.

 Inventories and appraises household goods and effects, removing valuables to vault.  Presses all claims for amounts due, locates evidence and witnesses on contested claims.

 Inspects condition,leases, taxes and mortgages of real estate, and arranges for management.

Obtains custody of securities. Collects all interest and dividends.  Arranges proper supervision and management for your ongoing business interests.

 PROCURES APPRAISAL OF ALL OF YOUR ASSETS

 Gathers complete and satisfactory evidence of the value of all assets at the date of your death.

ADMINISTERS YOUR ESTATE

 Governed by the wishes expressed in your Will, the requirements of your estate, and the local probate law.

 Gives special study to valuable collections; determines method and time of sale for articles not bequeathed; makes a careful estimate of amount of cash to be raised for payment of taxes, legacies, and expenses of administration and of probable net estate for distribution.

 Investigates all real estate from standpoint of earnings, market, and desirability in case circumstances require its sale.

 Gives exhaustive study to your business interests and determines policy of  continuance, liquidation, or sale with due regard to expressions in your Will. Carries out or adjusts incomplete contracts.

 Makes comprehensive review of market conditions for each security to decide which should be sold first, if necessary to meet taxes,  expenses, claims, and specific bequests.

 MAKES ALL YOUR TAX RETURNS

An intricate and involved procedure in which particular forms of information and return must be prepared and filed with each taxing body.  Pays your inheritance and estate taxes.  Pays your income taxes. Attends to Income Tax for part of year prior to your death. Arranges for necessary proceedings to release securities of property located in other states.

 Ascertains and pays inheritance tax in state of residence; obtains waivers for transfer of securities. Files return and pays tax for part of year after your death.

SETTLES ALL PROPER CLAIMS

 Publishes notice to creditors; obtains all available evidence regarding propriety of each claim filed, resists all proper claims; pays out of estate funds all approved and allowed claims. Files preliminary notice, prepares return, and pays both State Inheritance and Federal Estate Tax. Makes careful survey of all possible tax claims to see that no further liability exists upon review by the government.

 DISTRIBUTES YOUR PROBATE ESTATE

 Prepares data for final account showing in detail all receipts and disbursements; notifies interested persons of hearing on account, after settlement of account by court, distributes remaining property of your estate as directed by court.

OBTAINS FINAL DISCHARGE

 After final payment and distribution to legatees and devisees, secures final discharge as an executor.

The Probate Timeline

Step Duration

Prepare and File Petition for Probate 1-2 months

Court hearing on the Petition for Probate

2-3 months

The following are issued: Letters of Administration, Orders for Probate, Duties and Liabilities, Issue Bond (if ordered), & **Letters Testimentary ** 2-4 months (if not contested)

Notice to Creditors 2-4 months

Notice to Department of Health Services Inventory & Appraisement 4-8 months

Pay State and Federal Taxes (if necessary) 6-12 months

Allow or Reject Creditor Claims Possible Preliminary Distributions

Notice to Department of Health Services

(if deceased received medical) Notice to Franchise Tax Board (if heir is out of state)

Claim of Exemption (if assets transfer to a minor) 6-15 months

Receive Final Tax Letter from State and Federal (if appropriate) 6-18 months

File Petition for Final Distribution and Accounting 8-16 months

Hearing on Petition for final Distribution and Accounting Order Approving Final Distribution and Accounting

Distribution of Assets to Heirs 9-17 months

Final Discharge Order (indicates close of probate case) 9-18 months

Final Distribution of Funds 9-18 months