Jack never thought he’d see the day that he would want to describe himself as a “prudent” man. But the day is here due to his work as executor, or personal representative, of his mother’s estate under her Will.
In taking care of his duties as personal representative, he must “exercise the diligence that an ordinarily prudent person would exercise under like circumstances in his own affairs,” according to Illinois case law. In the words of another case, Jack must perform his “responsibilities with the degree of skill and diligence which an ordinary prudent man bestows on his own similar private affairs.”
The important common word in those two sentences is prudent. So Jack must take care of his mother’s investments and property at least as well as he would if he were a prudent man, whether he is one or not.
Serving as personal representative of an estate is important, challenging, and might even change a person’s image. You should make sure the personal representative you choose in your will or trust could handle your property as you would want and as the law requires.
To learn about your estate planning options, call our office at (815) 436-1996 for an appointment. © 2013 Gruber Law Office, Ltd.