Powers Of The PRs

Question 1

Duties and powers of the PRs

Answer 1

1. Collecting the deceased assets – within a reasonable time
2. The PRs Will be responsible for any loss arising from unreasonable conduct
3. Will need to produce the grant of representation to the person who holds the deceased assets in order to establish entitlement to deal with such assets
4. Within 12 months from the date of death, executors year, the PRs should have realised any assets
5. After this any debts and liabilities can be paid and the estate distributed

Question 2

Duty of care owed by PRs

Answer 2

1. S1 Trustee Act 2000
2. They must act with such care and skill as is reasonable, bearing in mind any special knowledge or experience they have that is reasonable to expect them to have

Question 3

Administrative powers of PRs

Answer 3

1. Has the power to sell, mortgage lease
2. Enable them to raise the money is needed to pay administrative expenses associated with the state, such as debts, or IHT
3. Appropriate any part of the state towards an estate or legacy provided no specific beneficiary is prejudiced and the appropriate consent has been granted
4. Have wide powers to bring or settle claims by law against the estate
5. Can reimburse themselves for all expenses

Question 4

Exercise of the PRs powers

Answer 4

1. It’s all executor has the same powers as two or more PRs and can give valid receipt for the sale of land
2. Joint PRs normally have joint and several authority, so the act of one binds the others, there are exceptions for example Land and shares
3. Personal representatives powers are by nature fiduciary and therefore must be exercised in good faith