(1) On the death of a person intestate as to any real or personal estate, the intestate's estate must be held by the person's personal representative on trust as to both real estate (including chattels real) and personal estate.
(2) The personal representative has a discretionary power of sale and conversion of the intestate's estate.
(3) The personal representative has the power to postpone any sale and conversion of the intestate's estate under subsection (2)—
(a) for any period that the personal representative thinks appropriate; and
(b) so that any reversionary interest is not sold until it falls into possession, unless the personal representative sees special reason for the sale; and
(c) so that, unless required for purposes of administration owing to want of other assets, personal chattels must not be sold except for special reason; and
(d) pending any partner's property election being made.
(4) Out of the net money forming part of the intestate's estate or received from any sale and conversion of the intestate's real and personal estate (after payment of costs) and out of the ready money of the intestate (so far as not disposed of by will, if any), the personal representative of an intestate must—
(a) pay any funeral, testamentary
and administration expenses, debts and other liabilities that
are properly payable under the rules of administration in Division 5
Part I; and
(b) if there is any residual money after paying the amounts identified in paragraph (a), set aside a fund sufficient to provide for any pecuniary legacies bequeathed by the deceased's will (if any).
S. 70I inserted by No. 41/2017 s. 11.