If you have been appointed the executor or representative of an estate, you have many responsibilities. One of the most important and time-consuming tasks is the immediate management of the decedent’s assets. You will have to gather, inventory, and appraise each property item and asset. Our California probate lawyer explains more below.
Marshalling the Assets
Perhaps the most tedious of these three responsibilities is gathering the assets. California probate courts have a special term for this process called marshalling. When you marshal assets, you are essentially preparing them for both probate and distribution.
Sometimes marshalling assets can be easy if the decedent had a particularly small estate or left you detailed instructions in their will. However, this doesn’t always happen. More often, you will be required to search the decedent’s home for all items of value—even those that could be hidden. You are legally obligated to do a thorough search and may have to rummage through:
- Bookshelves
- Filing cabinets
- Digital folders
- Jewelry boxes
You will have to determine if the deceased had a storage unit, properties in different locations, stocks, bonds, or vehicles. Checking the decedent’s e-mail inbox, mail, and personal records may help you find whether they have a safe deposit box or any other off-site valuables.
Your Responsibilities Go Beyond Gathering Items
In some cases, you may have to speak with loved ones of the deceased, acquaintances, or work colleagues to make sure you have not missed anything.
Items that are not subject to probate proceedings will be exempt from your marshal. These assets may include but are not strictly limited to:
- Assets with a living beneficiary already assigned
- Assets with another owner
- Assets with trust stipulations or tenancy agreements
Once you have gathered all assets, make sure that you secure all valuables and be sure to keep them separate from your own possessions.
There are other steps you must take to keep your marshal in accordance with California state law. You will, for instance, have to open a special bank account into which you will deposit any cash you find. You must also obtain proof-of-death certificates to carry out other duties such as taking control of the deceased’s accounts or depositing any uncashed checks. If you are not familiar with the requirements for every procedure, consult an attorney.
