Duty to properly manage finances | Arizona Probate

By July 23, 2011Probate

This is the final post in our discussion about personal representatives’ duties under the Arizona Probate Code.  So far, we have looked at the duty to give notice, the duty to keep an inventory, and the duty to take possession of personal property where necessary.  Now we turn to a duty that should be obvious, but one that many personal representatives nevertheless have difficulty with, the duty to properly manage finances for the estate.

While it sounds simple enough, managing estate finances can actually be very difficult in certain instances, and an Arizona probate lawyer can be quite helpful here.  For instance, Arizona probate law requires personal representatives to make tax considerations for the estate, which can be particularly complicated in larger estates where several properties are involved.  Further, Arizona probate law requires personal representatives to take efforts to preserve the estate, which often requires them to make important investment decisions on the estate’s behalf.

Personal representatives cannot be expected to know everything there is to know about finance.  However, personal representatives are expected to inform their decisions wisely to protect the financial health of the estate, and this many times involves seeking the assistance of a qualified Arizona probate attorney.  If you have recently been appointed to serve as a personal representative, it will be a tremendous help to seek legal counsel who can make help you keep your duties to the estate.