More information from my 2008 presentation on probate in California is pasted below. This section is on managing the estate cash responsibily. Failure to do so can make you personally liable so be careful!
For more information contact me directly or visit our website at www.californiaprobate.info
PRACTICE POINTER: I generally advise PR’s to sell all marketable securities. Though a portfolio of Ford, AT&T and IBM may be good old blue chip companies what happens if the market goes down 10% in one day? Might a beneficiary decide to bring an action against the PR? There generally is little or no tax consequence since most assets receive a full step-up in basis at death. Thus the transaction fees are likely the only cost and they are generally not significant.