Difference between revisions of "Making and Executing a Will (16:III)"

Making and Executing a Will (16:III) (view source)

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 === 4. Personal Representative is Accountable ===
-A personal representative is at law a fiduciary and must act to the benefit of the estate and the beneficiaries. He or she cannot purchase from the estate unless he or she is given specific power to purchase in a will. He or she is accountable to the estate for any profit made while acting as Executor or Administrator.  If the personal representative makes mistakes and causes loss to the estate, unless the court finds that he or she acted honestly and reasonably, that person could be held personally liable and could be required to replace the loss.
+A personal representative is a fiduciary at law and must act to the benefit of the estate and the beneficiaries. He or she cannot purchase from the estate unless he or she is given specific power to purchase in a will. He or she is accountable to the estate for any profit made while acting as Executor or Administrator.  If the personal representative makes mistakes and causes loss to the estate, unless the court finds that he or she acted honestly and reasonably, that person could be held personally liable and could be required to replace the loss.
 === 5. Remuneration and Benefits ===