New Jersey Statutes 3B:10-26. Standards of care to be observed
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Terms Used In New Jersey Statutes 3B:10-26
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
Except as otherwise provided by the terms of a decedent‘s will, the personal representative shall observe the standards in dealing with the estate assets that would be observed by a prudent man dealing with the property of another, and if the personal representative has special skills or is named personal representative on the basis of representations of special skills or expertise, he is under a duty to use those skills.
L.1981, c. 405, s. 3B:10-26, eff. May 1, 1982.