(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.
(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.