- 6 Marks
Question
In the administration of estates, personal representatives take charge of a deceased’s estate.
Required:
State SIX duties of a personal representative. (6 Marks)
Answer
The following are six key duties of a personal representative in the administration of estates:
- Collection of Assets: The personal representative is responsible for collecting and securing all assets of the deceased, including property, investments, and other belongings.
- Payment of Debts and Liabilities: The personal representative must ensure that all outstanding debts, taxes, and liabilities owed by the deceased are paid from the estate before distribution to beneficiaries.
- Distribution of Estate to Beneficiaries: After settling debts, the personal representative distributes the remaining estate according to the will of the deceased or, in the absence of a will, according to the rules of intestacy.
- Filing of Necessary Legal Documents: The personal representative is required to file the necessary probate or administration documents with the court to obtain legal authority to act on behalf of the estate.
- Preparation of Accounts: The personal representative must prepare detailed accounts of the administration of the estate, including records of all income, expenses, and distributions.
- Maintenance and Protection of Estate: The personal representative has a duty to maintain and protect the estate’s assets, ensuring that they are preserved and managed properly until the estate is fully administered.
- Tags: Deceased’s estate, Duties, Estate Administration, Personal Representative
- Level: Level 1
- Topic: Law of Trusts
- Series: NOV 2019
- Uploader: Dotse