Additional duties and responsibilities of the personal representative are as follows:
- Insurance. The California personal representative is required to obtain and maintain adequate insurance covering the assets and risks of the estate for the entire period of the administration. With proper court approval, the personal representative may be reimbursed for insurance premiums that he or she paid from the assets of the estate.
- Record Keeping. The personal representative must keep complete and accurate records of each financial transaction affecting the estate. An accounting must be prepared of all moneys received, spent and the dates in which each transaction occurred. A detailed description of all assets remaining after the payment of expenses must also be prepared.
The court will review the personal representative's account. Receipts must therefore be saved because the court may ask to review them. If the accounts are not filed as required, the court will order the personal representative to do so. Failure to comply may result in the personal representative's removal.
- Consulting an Attorney. If the personal representative hired an attorney to represent the estate, good attorney-client communication must be established at all times. The attorney and the personal representative are responsible for the prompt completion of the estate administration.
*This blog entry was not written by an Attorney and should not be construed as professional legal advice.