During administration, do funds held by the Public Administrator earn interest?
Answer: Yes, the Public Administrator maintains all
funds in interest bearing accounts in compliance with California law.
Interest earnings accrue to the estate and are part of the final
distribution.
Do estate beneficiaries receive a full accounting of the estate administration?
Answer: Yes, a copy of the final account is mailed
to all beneficiaries when it is submitted to the Court for approval.
The statement includes a record of all receipts, disbursements, fees,
and the proposed distribution.
How long does it take for the estate to be distributed to the heirs?
Answer: The complexity of the estate and the
determination of the individuals that are entitled to inherit the
estate dictate the length of time an estate administration will take.
We caution beneficiaries not to plan their financial affairs upon the
expectation of receiving a distribution of a certain amount at a
specific time.
How much does the Public Administrator charge for services?
Answer: California law provides a statutory fee for
the personal representative (administrator) of an estate. The allowable
fees are based on the value of the estate accounted for as follows:
- 4% of the first $ 100,000
- 3% of the next $ 100,000
- 2% of the next $ 800,000
- 1% of the next $ 9,000,000
- 1/2% of the amount above $15,000,000
- Estates valued greater than $25,000,000 have fees determined by the court
The Public Administrator is allowed the same compensation as private
administrators. Unlike private administrators, the Public Administrator
is entitled to a minimum compensation of $1000.00.
The law also provides for attorney fees based on the same fee
schedule as that of the administrator. The Court may also allow
extraordinary fees to the administrator and her attorneys for services
such as preparation of tax refunds, sale of estate property, and
litigation to collect assets or defend actions brought against the
estate. The Probate Court reviews and must approve all requests for
fees at the time any administrator presents a final accounting to the
Court. Public Administrator fees are deposited in the Shasta County
General Fund and used to pay for the costs of administering estates.
The Public Administrator may also charge for hauling and storage of
estate property. These charges may also be subject to Court approval.
Are heirs required to advance funds necessary for administration of
the estate (court costs, insurance, drayage and storage costs, etc.) in
those cases where estate funds are not immediately available?
Answer: No, in most cases, the Public Administrator
either provides needed services directly through in-house staff and
facilities or utilizes an estate reserve account to advance the needed
funds.
How can a person or other interested person help to speed up the administration?
Answer: They can give invaluable assistance by
promptly and fully completing all forms and answering all inquiries
sent to them by the Public Administrator.