WHAT ARE THE POWERS AND DUTIES OF A PERSONAL REPRESENTATIVE?
• Without court authorization the personal representative must: • retain assets • receive assets • perform deceased contracts • satisfy written charitable pledges • deposit funds in financial institutions • abandon valueless personal property • allocate expenses to income • pay assessments • hold securities • insure assets • borrow to protect estate • settle with debtors • settle claims • pay taxes and expenses • sell or exercise stock options • enter leases up to one year • vote stocks • employ attorneys, auditors • prosecute of defend claims • continue unincorporated business • incorporate the business • limit liability (court may limit powers of personal representative) • With prior court authorization the personal representative may: • abandon an estate asset • make repairs of demolish improvements • subdivide, dedicate land • leases greater than one year • sell real estate • pay compensation of personal representatives
