Loune-Djenia Askew, Esq.
Aug 16, 2024
Being named a personal representative (also known as an executor) of an estate in Florida is an important responsibility. Here’s a guide to help you fulfill your duties effectively.
Being named a personal representative (also known as an executor) of an estate in Florida is an important responsibility. Here’s a guide to help you fulfill your duties effectively.
Understand Your Role
As a personal representative, your primary responsibility is to manage and settle the estate. Gathering assets, paying debts, and distributing the remaining property to the beneficiaries are mainly your responsibility. You are legally obligated to act in the best interests of the estate and its beneficiaries.
Obtain Court Approval
Your first step is to get formally appointed by the Florida probate court. File a petition with the court, and once approved, you’ll receive letters of administration, giving you the legal authority to act on behalf of the estate.
Notify Creditors and Beneficiaries
You must inform all potential creditors of the deceased, giving them the opportunity to make claims against the estate. You should notify all beneficiaries named in the will (or heirs if there is no will) about the probate process.
Inventory the Estate’s Assets
Make a comprehensive list of all the deceased’s assets. This includes real estate, bank accounts, personal property, and investments. You’ll need to file this inventory with the court, showing what the estate owns.
Pay Debts and Taxes
Before distributing any assets, you must pay all valid debts and taxes owed by the estate. This includes funeral expenses, outstanding bills, and any estate or income taxes. Make sure that you keep detailed records of all payments made.
Distribute the Assets
Once all debts and taxes are paid, you can distribute the remaining assets to the beneficiaries according to the will or, if there’s no will, according to Florida’s intestacy laws. Follow the court’s instructions and the will’s provisions carefully.
Close the Estate
After completing all tasks, you’ll need to file a final accounting with the probate court. This report details all the financial transactions made on behalf of the estate. Once the court approves, you can close the estate, officially ending your duties.
For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.
Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.