10 Facts about the Riverside Probate Inventory Requirements
According to California law, the personal representative, or executor, of an estate must file an inventory and appraisal of all items owned by the person who passed away and give the value of each asset at the time of the person’s death. Unless you have completed an inventory and appraisal in the past, you are probably not familiar with the process. Fortunately, an experienced California probate attorney can help guide you through the process of meeting the probate inventory requirements.
10 facts about California Probate Inventory Requirements:
- After Letters are issued to a personal representative, then an Inventory and Appraisal must be filed within four months.
- If the executor needs more time they can apply for an extension, the typical extension granted is 60-90 days.
- Certain assets on the inventory and appraisal can be valued by the personal representative, others must be valued by a probate referee.
- An executor may file a partial inventory and appraisal if only some of the assets are appraised. The remainder of the assets are submitted later in another Inventory and Appraisal.
- A supplemental inventory and appraisal is filed when an asset is found after the original inventory and appraisal is filed.
- An executor will file a corrected inventory and appraisal in the event a mistake is found on the previous version.
- The executor must also show that a “change in ownership statement” is on file in each county where the deceased owned real estate. This is submitted with the inventory and appraisal.
- If the deceased did not have real property, the executor can show no change in ownership needs to be on file.
- At the time of filing of the inventory and appraisal, if a bond is required then the court must be notified and it must show it is sufficient to cover the assets being inventoried. Bond can be waived, for more on the Bond, process click here.
- California probate courts are not strict in enforcing the four-month deadline for filing the inventory and appraisal. However, it is a good idea to comply with the law regardless. This is to prevent any accusations by beneficiaries that you are not fulfilling your duties as executor.
For more information about filing an inventory and appraisal in California, contact an experienced Riverside probate attorney for a consultation. Call our toll-free number today at (888) 443-6590.