A Practical Toolkit for Estate Administration
Settling an estate involves dozens of financial and property decisions. This statute gives the personal representative a detailed set of tools. These cover retaining assets, managing real estate, entering leases, and settling debts.
Except as restricted or otherwise provided by the will or by an order in a formal proceeding and subject to the priorities stated in section 14-3902, a personal representative, acting reasonably for the benefit of the interested persons, may properly:
A.R.S. § 14-3715The opening language sets the boundaries. The representative must act reasonably for the benefit of interested persons. The will or a court order can restrict any of these powers.
Key Powers That Come Up Most Often
Several of the twenty listed powers come into play in nearly every estate. The representative can retain assets the deceased owned. They can also sell property at public or private sale.
They can perform contracts the deceased entered into. They can borrow money using estate assets as security. As a result, the representative manages investments, pays taxes, and protects the estate's value.
Charitable Pledges and Other Duties
The statute also addresses charitable pledges. A representative can honor the deceased person's written charitable commitments. This applies even if the pledge was not legally binding.
For families, this list means no court approval is needed for routine decisions. The representative needs good judgment and careful record-keeping. Their focus should be on what the estate and its beneficiaries need.