Personal representatives powers-executorship law, Financial Accounting

Personal representatives powers

Personal representation shall have the following powers:

1) To enforce for the deceased's estate by suit or otherwise all causes of action that survive the deceased or arise out of his death;

2) To sell all or any of the assets valued in them as they think best; however

  • The purchase by them of any such assets shall be voidable at the instance of any other person interested in the assets to purchase.
  • No immovable property shall be sold before confirmation of the grant.

 

3) To assent, at any time after the confirmation of the grant, to the vesting of a specific legacy in the legatee thereof:

4) To appropriate, at any time after confirmation of the grant, any of the assets valid in them in the actual condition or state of investment thereof at the time of appropriation in or towards satisfaction of any legacy bequeathed by the deceased or any other interest or share in estate, whether or not the subject of a continuity trust, as may seem just and reasonable to them according to the respective right to the persons interested in the estate of the deceased and for that purpose to ascertain and fix (with the assistance of a duly qualified valuer, where necessary) the value of the respective assets and liabilities of the estate, and to make any transfer that may be required to give effect to the appropriation.

Posted Date: 12/13/2012 5:07:11 AM | Location : United States







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