What is the role of a Personal Representative?
A Personal Representative (PR) is a collective term for executors and administrators. Executors and administrators differ in that executors are appointed by Will whereas an administrator will act where there is no Will or the whole or part of the Will is ineffective (e.g. a Will that does not appoint executors).
PRs manage a deceased person’s estate and during administration they will be required to:
- Collect in the assets of the deceased
- Pay debts of the deceased and
- Properly distribute the assets to those entitled under the will or according to the terms of the intestacy rules
Where a PR breaches their duty, they shall be held personally liable to beneficiaries (of the deceased’s will or on intestacy) as well as third parties, such as creditors.
Read full article here from Boyes Turner.
