California Probate Code 6241 – The mandatory clauses of the California statutory will form are as …
The mandatory clauses of the California statutory will form are as follows:
(a) Intestate Disposition. If the testator has not made an effective disposition of the residuary estate, the executor shall distribute it to the testator’s heirs at law, their identities and respective shares to be determined according to the laws of the State of California in effect on the date of the testator’s death relating to intestate succession of property not acquired from a predeceased spouse.
Terms Used In California Probate Code 6241
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person to whom a donative transfer of property is made or that person's successor in interest, and:
California Probate Code 24
- Child: means any individual entitled to take as a child under this code by intestate succession from the parent whose relationship is involved. See California Probate Code 26
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Intestate: Dying without leaving a will.
- Parent: means any individual entitled to take as a parent under this code by intestate succession from the child whose relationship is involved. See California Probate Code 54
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Personal property: All property that is not real property.
- Predeceased spouse: means a person who died before the decedent while married to the decedent, except that the term does not include any of the following:
California Probate Code 59
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
- Testator: A male person who leaves a will at death.
- Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88
(b) Powers of Executor.
(1) In addition to any powers now or hereafter conferred upon executors by law, including all powers granted under the Independent Administration of Estates Act, the executor shall have the power to:
(A) Sell estate assets at public or private sale, for cash or on credit terms.
(B) Lease estate assets without restriction as to duration.
(C) Invest any surplus moneys of the estate in real or personal property, as the executor deems advisable.
(2) The executor may distribute estate assets otherwise distributable to a minor beneficiary to one of the following:
(A) The guardian of the minor’s person or estate.
(B) Any adult person with whom the minor resides and who has the care, custody, or control of the minor.
(C) A custodian of the minor under the Uniform Transfers to Minors Act as designated in the California statutory will form.
The executor is free of liability and is discharged from any further accountability for distributing assets in compliance with the provisions of this paragraph.
(3) On any distribution of assets from the estate, the executor shall have the discretion to partition, allot, and distribute the assets in the following manner:
(A) In kind, including undivided interest in an asset or in any part of it.
(B) Partly in cash and partly in kind.
(C) Entirely in cash.
If a distribution is being made to more than one beneficiary, the executor shall have the discretion to distribute assets among them on a pro rata or non pro rata basis, with the assets valued as of the date of distribution.
(c) Powers of Guardian. A guardian of the person nominated in the California statutory will shall have the same authority with respect to the person of the ward as a parent having legal custody of a child would have. All powers granted to guardians in this paragraph may be exercised without court authorization.
(Repealed and added by Stats. 1991, Ch. 1055, Sec. 20.)