Carries the same fiduciary duties regardless of how appointed: inventory assets, notify creditors, pay debts and taxes, distribute remainder. State statutes set the standard of care; deviation can expose the personal representative to personal liability.
Related terms
Step-Up in Basis
A federal tax rule (IRC §1014) that resets an inherited asset's cost basis to its fair market value on the date of the original owner's death.
Probate
The court-supervised process of validating a will, paying the deceased's debts, and transferring remaining assets to heirs.
Inheritance Tax
A state-level tax paid by the heir on the value of property received from a deceased person.