A personal representative in Oregon is required to provide the probate court with an account of the estate's assets throughout the probate process. When collection, appraisal and disbursement of the estate's assets are a lengthy process, the representative must submit an annual accounting, including the value of the total estate, the value of each individual asset, the value of any property received or disbursed within the accounting period, as well as the dates of those occurrences and, if necessary, a statement that the estate is ready for final settlement. At any time, any heir to the estate is permitted to inspect the accounting records.
Serving as a personal representative/executor does come with certain liabilities. He is responsible for all the assets in the estate. He has a duty to promptly take possession of the assets, and he must protect them at all times. He is also responsible for paying the estate's debts in a timely manner, including funeral expenses, taxes and outstanding bills. The representative is personally liable for any losses the estate suffers due to his neglect or reckless action. This includes making risky investments with estate assets, undervaluing property for his own benefit and embezzling assets for personal gain. When such conduct is discovered, the court will require the personal representative to compensate the estate's heirs for all losses.
Oregon law sets forth the monetary compensation a personal representative is entitled to -- paid from the estate's funds -- based on the size of the estate. A personal representative may receive 7 percent of any estate valued below $1,000, 4 percent of an estate worth $1,000 to $10,000, 3 percent of an estate of $10,000 to $50,000 and 2 percent of any estate valued at more than $50,000. Additionally, an executor is entitled to 1 percent of any property owned outside of Oregon. The probate court may increase compensation if the representative performs any "extraordinary and unusual services" not generally required of representatives. If there is more than one personal representative working together, the percentage of compensation does not increase, but instead will be divided equally between them.
Once a personal representative has completed disbursing the estate's assets, the court will issue a judgment of discharge. This discharge is the final step in closing the deceased's estate, and it releases the personal representative from any further responsibilities. It also terminates the right of any heir or other interested party from filing a claim against the personal representative. However, if the executor used misrepresentation or fraud to induce the court into issuing the judgment, the court can reopen the estate to permit a claim against the executor within one year after the discharge.