Role of a Personal Representative Flashcards
What is the statutory role of a PR?
To collect and get in the real and personal estate of the deceased and administer it according to law.
What does administering an estate include?
Collecting assets, paying debts, settling tax liabilities, and distributing to beneficiaries.
Can a PR also be a beneficiary?
Yes.
Is the role of a PR fiduciary? What does it mean?
Yes; they must act with a duty of care.
Who holds legal title to the estate on death?
The PRs by virtue of their appointment.
What does the Land Registry require to transfer legal title to land?
A grant of representation.
Are PRs automatically trustees of the estate?
No, but roles are similar.
What should be noted when PRs transfer estate to trustees?
The date of transfer.
When is a PR also a trustee of some/all estate property?
1) Will expressly appoints executors as trustees. 2) Intestacy with general trust and power to sell. 3) Statutory trust arises for minor beneficiaries.
What is the similarity of duty between PR and trustee?
Statutory duty of care applies to both roles.
When might a solicitor be involved in estate administration?
1) Instructed by PRs for advice. 2) Appointed as executor. 3) Instructed for contentious probate.
Who pays legal fees if PR instructs solicitor?
The estate.
To whom does solicitor owe duty when instructed by PR?
To the PR, not the beneficiary.
What does it make a solicitor who is appointed as executor?
A professional PR.
To whom does a professional PR owe duties?
Estate creditors and beneficiaries.
Who pays a professional PR for services?
The estate.
