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







Related Discussions:- Personal representatives duties-executorship law, Assignment Help, Ask Question on Personal representatives duties-executorship law, Get Answer, Expert's Help, Personal representatives duties-executorship law Discussions

Write discussion on Personal representatives duties-executorship law
Your posts are moderated
Related Questions
I need to know how to do a problem and whether I am missing information.

Troubled Debt Restructuring - Agreement between CREDITOR and DEBTOR which amends the terms of a DEBT which has little chance of being paid in accordance with its contractual terms.

Joe has two children, Sydney age 5 and William age 2, that he wants to provide for their education funding.  Currently, tuition is $10,000 per year and tuition inflation is 6%.  Jo

The government of a country has just issued a series of zero-coupon bonds maturing at the end of years 1, 2, 3 and 4. Suppose the spot rates (or continuously compounded yields per

Q. What do you understand by Tax Court? Tax Court - U.S. Tax Court is a legislative court functioning to adjudicate controversies between taxpayers and IRS arising out of defic

The cost of debt must be based upon the current market cost of debt. Where different kinds of debt are used estimates of more than one debt cost may be necessary and these costs we

Mr. Surya does not keep a systematic record of his transactions. He is able to give you the following information regarding his assets and liabilities. 2000 2001 Dec. 31 Dec. 3

Disclaimer The liquidator may disclaim onerous property consisting of: 1.    Land burdened with onerous covenants; 2.    Stocks and shares; 3.    Unprofitable contracts, or 4.

You are the CFO of Diversi?ed Industries. Diversi?ed has suffered through 4 or 5 tough years. This has deteriorated its ? financial condition to the point that Diversi?ed is in dan

Q. Evaluate Equivalent annual cost? There are a number of techniques to answering this question and two are presented. The first difficulty is in deciding which broad approach