Personal representatives duties-executorship law, Financial Accounting

Personal representatives duties

Personal representation has the following duties;

1) To provide and pay out of the estate of the deceased, the expenses of a reasonable funeral for him;

2) To get in all free property of the deceased, including debt owing to him and money payable to his personal representatives by reason of his death,

3) To pay out of the estate of the deceased all expenses of obtaining their grant of representation and all other reasonable expenses of representation administration (including estate duty if any);

4) To ascertain any pay out of the estate of the deceased all his debts;

5) within six months of the date of the grant, to produce to the court, a full and accurate inventory of the assets and liabilities of the deceased and a full and accurate account of all dealings therewith upto to the date of the account;

6) To distribute, or to retain on trust (as the case may require) all assets remaining after the payment of expenses and debts as provided by above including the income therefrom, according to the respective beneficial interest therein or under the will or on intestacy as the case may be.

7) Within six months of the grant, or such longer period as the court may allow, to complete the administration of the estates in respect of all matters other than continuing trust, and to produce to the court, a full and accurate account of the completed administration.

Posted Date: 12/13/2012 5:08:44 AM | Location : United States







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