How should a personal representative handle a situation where a family member wants to purchase decedent's jewelry?

A personal representative has a fiduciary duty to act in the best interests of the estate and its beneficiaries. When handling the sale of decedent's jewelry to a family member, the best practice is to have the jewelry appraised and sell it at that value. This approach ensures that the transaction is fair and transparent, protecting the personal representative from potential allegations of self-dealing or favoritism.

By having the jewelry appraised, the personal representative establishes a fair market value for the item, allowing the family member to make an informed decision about the purchase. This process also helps to confirm that the estate receives value commensurate with the worth of the asset. If the personal representative solely sells the jewelry to the family member without this appraisal, it could raise concerns among other beneficiaries regarding the fairness of the transaction and the management of the estate’s assets.

Ultimately, acting to ensure that all transactions are conducted transparently and at a fair market value is in alignment with the fiduciary responsibilities owed to the estate and its beneficiaries.