Probate Code

This act governs the administration of decedents' estates and related court-supervised fiduciary matters, fixing which court has probate jurisdiction, in what county it is exercised, and where that jurisdiction is shared with other courts. It establishes the machinery of administration: appointment of fiduciaries and the bonds, certificates, and authority under which they act; appraisal, discovery, and disposition of estate property, including encumbered and abandoned assets; compromise of claims held by and against an estate; and accountings, costs, fiduciary and attorney compensation, distribution to heirs, and final discharge. It also sets standards for investing fiduciary funds — prudent investment, use of investment companies and common trust funds, and holding assets in a nominee's name with ownership recorded — and provides for declaratory determinations of heirship, appointment of counsel for persons not represented, and recognition of fiduciaries appointed elsewhere who file their certificate of appointment locally.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.