You may be more familiar with the terms Executor or Executrix. In Maryland we refer to this person as Personal Representative. When one Petitions the Court to open Probate and be appointed Personal Representative, the Court issues Letters of Administration naming that person as the administrator of the Estate. Letters of Administration are proof of one’s Court-Appointed authority to conduct all of the responsibilities of Probate. While this is not a perfect comparison, by way of their Letters of Administration, a Personal Representative is like the Power of Attorney over the Estate.
It is extremely important that the Personal Representative understand that in this role they are a Fiduciary. The term Fiduciary originates from the Latin word Fiducia, meaning Trust. A Fiduciary manages the assets and/or property of someone else. In this case, the Personal Representative has a Fiduciary responsibility to the Estate and must always act in the best interests of the heirs or beneficiaries. In their role as a Fiduciary, they are charged with protecting and maximizing the value of Estate assets. It is imperative that the Personal Representative understand their role as a Fiduciary and conduct all business of the estate with prudence. An experienced Estates & Trusts attorney can assist you with understanding your role as a Fiduciary.