Legal Question in Wills and Trusts in California
In probate, is there a proper way to keep accounting? I've thought all assets, income, et al. would go into one pot; and then when it came time for distribution the assets would be divided from this one pot, per will instructions. An executor has told me she is keeping accounting separate for me and my sister (there are only 2 beneficiaries). If a rental that my sister is to inherit gets repair, it is said to come out of her pile. The First Account and Report of Executor reflects no separation in accounting. There are two estates involved, being treated as one; both still in probate. When does one estate become owned by the other? Is it only when an estate closes and transfer of ownership is ordered by the court? And doesn't an estate have to stay open for one year?
1 Answer from Attorneys
The Probate code sets out the correct way to keep accounts. A probate only (technically) has to stay open for four months from the date letters were issued to the executor. Each decedent only has one estate, which may however be divided into several shares. A beneficiary's share may be distributed to him or her prior to final distribution if all debts are paid and the four month period has expired. An accounting may be waived but a waiver must be signed by all residual beneficiaries.
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