Whether to act as someone’s personal representative is an important decision. No one can be forced to act as personal representative of another person’s estate, even if they are designated to act as executor in the will of the deceased.
Some of the duties of the personal representative to consider before agreeing to act:
- Ensuring proper funeral arrangements are made
- Acting impartially
- Taking possession of the deceased’s assets
- Paying the deceased’s debts and planning to take care of other liabilities
- Notifying beneficiaries
- Personally getting involved (necessary expertise, time constraints)
- Making certain that investments made are authorized
- Insuring against perils
- Continuing or starting and maintaining court actions on behalf of the estate of the deceased
- Duty to account to persons who have a beneficial interest in the estate and to creditors of the estate
Other factors to consider before agreeing to act:
- The potential for personal liability arising from a breach of trust in the course of administering the estate;
- The terms of the will if there is one, i.e. if there are ongoing trusts created that need to be administered;
- The nature and location of the deceased’s assets;
- Any conflicts of interest that may arise in the administration of the estate;
- Whether acting will affect the personal relationship of the personal representative with the beneficiaries;
- If the personal representative is a non-resident, the potential tax implications on the estate;
- The time involved and the remuneration available