The Duties of the Personal Representative Are to

question 6

Multiple Choice

The duties of the personal representative are to

• A) collect and preserve the assets of the estate.
• B) pay the debts, taxes, and expenses of administration.
• C) distribute the remainder according to the terms of the will or the law of intestate succession.
• D) All of the answers are correct.

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Definitions:

External Benefit

A positive effect on a third party or the general public that arises from a transaction between others.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to higher market prices.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually do pay.

Financial Viability

The ability of an entity or project to manage its expenses and generate sufficient revenue to continue operating effectively.