Who is responsible for administering an estate?

In California, the person responsible for administering an estate is called the executor or administrator. This person is typically named in a will, or if there is no will, they can be appointed by the court. The executor or administrator is responsible for collecting the assets of the deceased, paying any outstanding debts and taxes, and distributing the remaining assets to the beneficiaries of the estate. The executor or administrator is responsible for managing the estate, which includes filing the will with the court, notifying creditors, gathering and protecting the assets of the deceased, obtaining a federal tax identification number, settling any claims against the estate, paying any estate taxes and other debts and preparing an inventory of the estate assets. In addition, the executor or administrator has a fiduciary responsibility to the beneficiaries, which means that they must act in their best interests. The executor or administrator is not held personally liable for the debts of the estate, so long as they act in good faith. However, there can be legal action taken against them if it is discovered that they have not acted in the best interests of the beneficiaries or the estate. In summary, the executor or administrator is the person responsible for managing an estate in California. They are required to take care of the estate in good faith and act in the best interests of the beneficiaries. It is a very important job and should not be taken lightly.

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