1. What if the estate includes a business?
The personal representative’s duty is to distribute the shares of the company to the beneficiaries (if the will so specifically gifts) or to sell the shares and distribute the sale proceeds to the beneficiaries according to will or the laws of intestacy. In general, a personal representative has no powers to hold on to the shares of the deceased and run the company indefinitely. The most he can do is to run it for a short period in order to sell it at a good price. The situation may be different if the will specifically asks the personal representative to run the deceased’s business for a period, or if all the beneficiaries so agree.
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