Personal representatives duties-executorship law, Financial Accounting

Assignment Help:

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.


Related Discussions:- Personal representatives duties-executorship law

Dividends-bankruptcy and liquidation, DIVIDENDS Dividends must be decla...

DIVIDENDS Dividends must be declared and paid in accordance with the following rules: 1) The first dividend must be declared and paid within four months of the first meeting o

Calculate present value-current yield-interest rates bonds, Present Value o...

Present Value of a Bond 1. Assume that you wish to purchase a 20 year bond that has a maturity value of $1,000 and makes semiannual interest payments of $40.  If you require a

Prepare statement of income and comprehensive income, The following income ...

The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2013 ($ in 000s): sales revenue, $

The functional currency method-foreing branches, The functional currency me...

The functional currency method (formerly temporal method) Under this method, the branch is considered to be an extension of the head office and this is reflected by the trading

What role does accounting play in the planning, What role does accounting p...

What role does accounting play in the planning, implementation, analysis of CSR in particular and organizational strategies in general?

Absorption costing, Absorption costing is a cost accounting method that ...

Absorption costing is a cost accounting method that tries to charge all direct costs and all production costs of an organization to specific units of pr

Liquidation, The liquidation of the Marks, Norris, Smith, and Savannah part...

The liquidation of the Marks, Norris, Smith, and Savannah partnership:

Draw budget constraint for cooking oil and flour, 1. You can buy any quanti...

1. You can buy any quantity of cooking oil at $5 per litre and any quantity of flour at $2 per kilo. You have allocated $20 to spend on cooking oil and flour.    (a) If you choo

Income statement, what is the formulae for calculating Net income?

what is the formulae for calculating Net income?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd