The Personal Representative

Probate –

What are the powers and duties of a personal representative?

1. Without court authorization the personal representative may:

Retain assets
receive assets
perform deceased contracts.
Deposit funds and financial institutions.
Abandon valueless personal property.
Allocate expenses to income.
Pay assessments.
Hold securities.
Insurer assets.
Borrow to protect the estate.
Settle with debtors.
Settle claims.
Pay taxes and expenses.
Cell are exercised stock options.
Enter leases up to one year.
Vote stocks.
Employment attorneys, and auditors.
Prosecute or defend claims.
Continue unincorporated businesses.
Limit liability.

The court may limit the powers of personal representative.

2. With prior court authorization for personal representative may:

Abandon an estate asset
Make repairs or demolish improvements.
Subdivide, and dedicate land.
Make Lisa’s greater than one year.
Have inner mineral leases.
Sell real estate.
Pay compensation for personal representatives.