Q: Can a Personal Representative purchase property from the estate?

A: Yes, but only if certain requirements are met.

The personal representative is the person who is authorized by a court to administer the probate estate of a decedent.  This includes, among other things, preparing an estate inventory, paying expenses, dealing with claims, preparing an accounting, and distributing the assets to the estate’s beneficiaries.  

The person serving as personal representative is held to the responsibilities and duties of a trustee,[1] and owes, among other things, a duty of loyalty to all of the estate’s beneficiaries.

Wisconsin law provides that the personal representative “may not be interested as a purchaser . . . of any property in the estate” unless one of several conditions are met:

1.      “The Will of the decedent specifically authorizes the personal representative to be interested as a purchaser,”[2] or

2.       “With the approval of the court after petition and hearing on notice given . . . to all persons interested,”[3] or

3.      The purchase “is made with the written consent of the persons interested[.]”[4]

Thus, a personal representative may purchase property from an estate, but only if certain requirements are met.  If you have questions about administering an estate, or are interested in creating or updating your estate plan (e.g., wills, trusts, or otherwise), please call to schedule a consultation with Van Slett Law, LLC.

[1] See, e.g., Scheibe's Estate, In re, 140 N.W.2d 196, 30 Wis.2d 116, 118-119 (Wis. 1966). 

[2] Wis. Stat. §860.13; see also State v. Hartman, 194 N.W.2d 653, 54 Wis.2d 47, 54 (Wis. 1972).

[3] Wis. Stat. §860.13; see also State v. Hartman, 194 N.W.2d 653, 54 Wis.2d 47, 54 (Wis. 1972).

[4] Wis. Stat. §860.13; see also State v. Hartman, 194 N.W.2d 653, 54 Wis.2d 47, 54 (Wis. 1972).