The Executor or Executrix of an estate often find themselves faced with the duty of being the Personal Representative of the Probate of the estate, a legal process that involves the accounting of the assets, liabilities and taxes. Below you will find a general list of the duties and liabilities of the Personal Representative. These duties and liabilities may vary depending on your state and county. This site does not provide legal advice.

Duties & Liabilities of Personal Representative
When the court appoints you as personal representative of an estate, you become an officer of the court and assume certain duties and obligations. An attorney is often sought to advise on these matters but is not required. You should however understand the following:

1. Managing the Estate's Assets

a. Prudent investments You must manage the estate assets with the care of a prudent person dealing with someone else's property. This means that you much be cautious and may not make any speculative investments.

b. Keep estate assets separate You must keep the money and property in this estate separate from anyone else's, including your own. When you open a bank account for the estate, the account name must indicate that it is an estate account and not your personal account. Never deposit estate funds in your personal account or otherwise mix them with your or anyone else's property. Securities in the estate must also be held in a name that shows they are estate property and not your personal property.

c. Interest-bearing accounts and other investments Except for checking accounts intended for ordinary administration expenses, estate accounts must earn interest. You may deposit estate funds in insured accounts in financial institutions, but you should consult with an attorney before making other kinds of investments.