If a trusting friend or loved one is in the process of making a will and asks you to be the executor, make sure you have the time and patience to undertake this crucial duty. It is an honor to be asked because someone close to you entrusts you with managing their assets and settling their estate when they are no longer able to.
While you decide whether becoming an estate executor in Florida is a good choice, remember, you must be at least eighteen, and mentally competent. If you live outside of Florida, you must be related to the decedent to act as executor. You cannot have felony convictions on your record, and if you have ever been convicted of misdemeanor neglect, abuse, or exploiting a senior citizen or disabled person, you will be disqualified from serving. Reach out to our trustworthy probate attorneys to learn more about your responsibilities.
What Duties Does an Executor Assume?
Executors are also known as personal representatives in Florida. They have a fiduciary duty, meaning a legal obligation, to uphold the terms of a will (or follow Florida law if there is no will) and fulfill their responsibilities in the best interests of the beneficiaries. Executors cannot self-deal, like liquidating assets to pay creditors at bargain basement prices they offer to themselves. Executors are compensated for their service by three percent of the estate’s value up to one million dollars, and slightly less for estates that exceed that amount. Executors’ duties include:
- Identifying assets eligible for a Florida probate, excluding those that are joint property, assets held in trusts, POD bank accounts, insurance proceeds, and retirement accounts with designated beneficiaries.
- Valuing assets that may need to be sold to pay creditors, and paying their claims against the estate.
- Informing beneficiaries that their benefactor’s will is in the process of being settled, and if there is no will, informing those who will inherit according to Florida law, primarily spouses and children.
- Calculating and filing the final federal tax return (Florida has no state income tax).
- Fulfilling special requests the testator makes in the will, such as placing beloved pets with a named party or overseeing guardianship for minor children.
- Paying federal estate taxes if the estate qualifies (Florida does not impose an estate tax or inheritance tax).
Becoming a personal representative in Florida may seem daunting, but the attorneys at The Florida Probate & Family Law Firm are happy to meet and strategize with clients in this situation. Our attorneys stand with executors and beneficiaries every step of the way to ensure an efficient and lawful transfer of assets.
One Last Task for Executors
Once creditors and taxes are paid and assets are accounted for, executors have one last task to perform in their role. The assets are placed in beneficiaries’ names, when necessary, and distributed. Occasionally heirs or beneficiaries die prior to distribution, and although many states impose a 5-day rule, Florida does not. If the testator does not insert a survivorship period in the will, a beneficiary could die a minute after the benefactor, and the beneficiary’s estate will inherit the bequest. Clients in Florida who have been asked to serve as estate executors rely on our knowledgeable attorneys to guide the way in becoming an ethical and efficient representative.
Talk to Our Florida Attorneys When You Are Set to Become an Estate Executor
Executors, or personal representatives, are an integral part of a probate because they facilitate the transfer of assets, resolve the decedent’s debts, and pay final federal taxes. If you are asked to serve as one, the attorneys at The Florida Probate & Family Law Firm can advise you.
Our practice is dedicated to families like yours, solving legal issues they encounter in the early years, through settling estates in probate court. If you need assistance becoming an estate executor in Florida, now is the time to call and schedule a consultation.