There are various responsibilities attached to being a personal representative (Executor/ Administrator) of an estate and it generally begins with arranging the funeral.
Some of the duties of the personal representative include:
• Obtaining a Grant of Representation;
• Calling in the assets and holding them on trust for the beneficiaries until distribution;
• Winding up the estate correctly and diligently;
• Paying out debts of the deceased before distribution; and
• Keep detailed accounts and records of the administration of the estate.
Personal representatives owe a fiduciary duty to the beneficiaries of an estate and must act in their best interests. Where an estate is handled incorrectly by a personal representative, beneficiaries have the right to sue.
If you are appointed as an Executor or Administration, it is very important to understand your duties and obligations. Feel free to contact our office for further information and advice.