Personal Representatives Flashcards
(7 cards)
1
Q
What types of personal representatives exist?
A
- Administrator
- Executor (by will)
2
Q
What duties do PRs owe?
A
- Get grant of representation
- collect assets
- size beneficiaries entitlement
- Administer estate according to law
- Dispose residue
- Pay debts + gifts
- Duty of good faith
- Duty of care (reasonable care + skill based on expertise)
- Due diligence
3
Q
What is required for renunciation of PRs’ powers?
A
1) In writing
2) Signed
3) Witnessed
4
Q
PR wants to renounce - process
A
CANNOT HAVE INTERMEDDLED
PA15 Form + witnessed signature to HMCTS
5
Q
Options for a PR who is abroad temporarily?
A
- Renounce obligation
- Powers reserved (written notice and temporarily not act)
- Continue to manage but leave daily obligations to other PR
- Appoint solicitor to act in their replacement for time being under instructions
6
Q
What is PR responsibity
A
distribute estate according to law
7
Q
PR defence for devastating claim
A
Acted honestly and reasonably
