CA Prob Code Section 9734

(a)

If an asset of the estate consists of an option right, the personal representative may exercise the option after authorization by order of court upon a showing that the exercise would be to the advantage of the estate and would be in the best interest of the interested persons. The personal representative may use any funds or property in the estate to acquire the property covered by the option.

(b)

A petition under this section may be filed by the personal representative or any interested person.

(c)

Notice of the hearing on the petition shall be given as provided in Section 1220.