It is the duty of the personal representative to get in all assets of the estate, bringing suit where necessary.
An executor or administrator should collect the assets for their use in payment of debts or division among legatees and distributees. He should sue to collect where collection cannot otherwise be made, proceeding however under order of the court.
If under the will or because of delay in administration a personal representative has funds to invest, he should invest them according to the rules that govern investments by trustees.
The duty of a trustee is to invest with regard to safety of investment for as large an income as is compatible with safety, if under the directions of a will, or because there are substantial funds, that would otherwise lie idle it is the representative's duty to invest. The same rules govern as govern trustees generally as we have heretofore considered. It is generally not his duty to change investments unless they are unsafe, in which case he should withdraw them from the hazard.
Of course the will may be specific as to investment, and it is the duty to follow the directions, but even in such a case, doubtless a change in the character of such securities might prevent such investments. The court's direction should be sought in such a case.
If a personal representative does not invest when he should, he is personally chargeable with interest.
Where money is deposited in a bank, it should always be in the name of the estate, or in some way at least that will designate and set apart the trust. Otherwise he will be personally liable if the bank fails.