The personal representative who has limited authority or full authority has the power to do all the following:

1. 1. Allow, pay, reject or contest any claim by or against the estate.
2. 2. Compromise or settle a claim, action or proceeding by or for the benefit of, or against, the decedent, the personal representative or the estate.
3. 3. Release, in whole or in part, any claim belonging to the estate to the extent that the claim is uncollectible.
4. 4. Allow a claim to be filed after the expiration of the time for filing the claim.

(Added to NRS by 2011, 1442)