After a loved one passes away, one of the many tasks that must be accomplished is locating and cataloging everything that they owned so it can be passed down according to their wishes. The estate may also owe taxes or other debts that must be taken care of before the other assets can be distributed. These tasks are usually assigned to the personal representative of the estate and are called asset administration. Because everyone’s portfolio of personal assets is unique, some estates may be more challenging to administer than others.
If you have questions regarding asset administration in Little Gables probate cases or other questions about the management of an estate, we are here to help. At The Florida Probate & Family Law Firm, our team of experienced probate attorneys is here to answer your questions throughout the probate process.
What Is Asset Administration?
In a Little Gables probate case, asset administration refers to the legal process of managing and distributing a deceased person’s assets through the probate court. This process includes identifying the assets, paying debts and taxes, and ultimately distributing the remaining assets to the beneficiaries as outlined in the will, if there is one, or according to state law if there is no will.
In Florida, the person in charge of asset administration is the personal representative, who is named in the will or appointed by the court. Under Florida Statutes § 733.602, a personal representative has fiduciary duties, including a legal obligation to settle the estate as quickly as possible with a minimal loss of value. As a fiduciary, the personal representative should only be acting in the best interest of the estate and the beneficiaries.
Identifying and Managing Assets in Probate Cases
The first step in asset administration is for the personal representative to identify, locate, and take control of the assets belonging to the Little Gables estate. This task is crucial to prevent assets from becoming lost or stolen. Additionally, the personal representative must also manage the assets until they can be distributed.
Assets belonging to the estate may include things like:
- Checking, saving, and investment accounts
- 401(k), IRA, pension, and other retirement accounts
- Safe deposit boxes or storage facilities
- Insurance policies, including life insurance and accidental death policies
- Real estate, like the family home or vacation properties
- Cars, trucks, and other vehicles, even if being driven by someone else
- Personal property, including heirlooms, photographs, electronics, jewelry, clothing, and household items
For each of these types of assets, the personal representative needs to identify it, catalog it, and find documentation to prove ownership and how much the asset is worth. Some assets will need further management. For example, real estate should be maintained so it does not lose its value, or decisions may need to be made regarding certain types of investments.
Once the assets have been cataloged, the personal representative will also need to find out what taxes, debts, and other liabilities the estate has, including funeral expenses and expenses related to the administration itself. When the liabilities have all been identified, the personal representative must pay them all according to their legal priority before any of the remaining assets can be distributed to the beneficiaries or heirs.
Contact Us For Help With Asset Administration in a Little Gables Probate Case
Successfully completing asset administration can feel like an overwhelming task for the personal representative. However, an experienced attorney can advise you about your fiduciary duties and counsel you about what steps to take next. Similarly, if you are the beneficiary of an estate and you have concerns about the actions of the personal representative, you need to discuss the situation with an attorney who understands asset administration in Little Gables probate cases.
At our firm, we assist clients throughout every step of the probate process, including asset administration. Contact us today for help with your situation.