BL – May 2022 – L1 – SB – Q4c – Law of Trusts

Explain five duties of a personal representative in estate administration.

Question

In the administration of estates, a personal representative has some duties.

Required:
Explain FIVE duties of a personal representative.

Answer

Collecting and Preserving Assets: The personal representative must gather the assets of the deceased’s estate and take steps to preserve and protect them.
Payment of Debts and Liabilities: The personal representative is responsible for paying off the debts and liabilities of the deceased from the estate before distributing the remaining assets.
Distribution of the Estate: After debts and liabilities have been paid, the personal representative distributes the remaining assets according to the will or intestacy laws.
Keeping Proper Accounts: The personal representative is required to maintain accurate records of all financial transactions involving the estate.
Filing Tax Returns: The personal representative must ensure that all necessary tax returns for the deceased’s estate are filed, and any taxes owed are paid.