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The personal representative shall have the power and duty to:

(A) Take possession and control of all the decedent’s assets subject to the probate jurisdiction of the Court, and to preserve such assets for the benefit of the estate;

(B) Give all notices to family members, heirs, beneficiaries, government agencies or creditors as required or allowed by this chapter;

(C) Act in a fiduciary capacity in the name of the estate, subject to applicable orders of the Court, to settle any claim against the estate, collect any debts owed to the estate, and initiate or defend any litigation involving the estate;

(D) Administer, in a fiduciary capacity, the affairs of the estate to ensure that the estate is preserved and distributed in accordance with the decedent’s directions expressed in his or her last will and testament, or in the absence of such a will, in accordance with the rules of intestate succession set out in this chapter;

(E) Exercise any power granted by the decedent’s last will and testament or by order of the Court; and

(F) Avoid any conflict of interest between his personal interests and the interests of the estate by always placing the interests of the estate ahead of his personal interest.

(G) The personal representative shall serve without bond, unless a bond is required by the Court, or by the terms of decedent’s will. [Res. 06-R-53 § 8.0(C), 5/3/2006.]