2024 What Is the Role of An Executor in Estate Planning in Florida?

What is the role of an executor in estate planning in Florida? This is an important question to ask if you are expecting to go through the probate process. The executor is also known as the personal representative, and they are responsible for stewarding the assets of the deceased’s estate according to their wishes. This includes gathering a list of all assets, valuing them, paying off outstanding debt, and distributing the remaining assets.

Naming a personal representative during the estate planning process is crucial. If you die without an executor named in your will, the courts will appoint one as they see fit. Not having a named executor leaves your estate in the hands of someone you do not know, leaving some uncertainty in how your will may be executed.

What Fiduciary Duty Means

When someone has a fiduciary duty, it means they are responsible for upholding and acting in the interests of someone else. Some examples of fiduciary duty are:

• Duty of care. This is a legal obligation to avoid harming someone or their property.
• Duty of good faith. This requires one to act in a way that is conscious of their fiduciary responsibilities. This means advancing the interests of an individual, conducting business honestly, and satisfying their duties.
• Duty of loyalty. This requires putting the well-being of the beneficiary or testator above your own.
• Duty of prudence. This requires accurate decision-making and ensuring that matters are executed with precision and caution.

Fiduciary Duties of an Executor

An executor in Florida has several duties they are held fiduciarily responsible for when someone dies, including:

• Gathering assets. Making a detailed list of all assets within the estate. This could mean getting necessary appraisals for certain assets.
• Paying off debts. Any outstanding bills, debts, taxes, or other financial obligations are to be settled by the executor.
• Notifying creditors. The executor should address filed creditor claims.
• Distributing assets. The remaining assets should be distributed according to the wishes of the deceased.
• Filing taxes. Providing an accurate estimate of the value of the estate for tax liability purposes.
• Closing the estate. Once everything has been completed according to the deceased’s wishes, the estate can be closed.

How an Attorney Can Help

The idea of estate planning can feel overwhelming for some, but it is a necessary and important thing to do. It can give you peace of mind in knowing what will happen to your estate after you pass. Your planning and efforts now ensure your family will be taken care of. It is wise to ask for guidance from an estate planning attorney.

An attorney can help uphold your interests, help you establish a will or trust, and assist you in selecting an executor. You should not wait to make an estate plan. Putting off the issue will not resolve the risk of dying without a plan in place. Speaking with an attorney sooner rather than later is recommended.

FAQs

Q: What Can an Executor Not Do in Florida?

A: An executor in Florida cannot do anything that breaches their fiduciary duty. No steps can be taken to carry out the will of the testator before their death. An executor cannot sign an unsigned will on behalf of the testator. They cannot manage the estate before being appointed by the court, and they cannot change any provisions within the will or trust. If an executor does any of these things or breaches their fiduciary duty, a legal case could be brought against them.

Q: What Are the Duties of an Executor in Florida?

A: The duties of an executor in Florida include making a detailed list of all assets and their values, paying off outstanding debts, distributing the assets according to the wishes of the deceased, and closing out the estate. An executor may also be responsible for obtaining death certificates, identifying and notifying outstanding creditors, and anything else necessary to the administration of the estate.

The executor is primarily responsible for preserving and accurately distributing the estate according to the terms of the will.

Q: What Is the Role of an Executor in Estate Planning?

A: The role of an executor in estate planning is known as a personal representative. They have to go through the probate process and manage the assets of the estate under the provision of a probate attorney. This can be a very complex process.

An executor may need to obtain or order appraisals, gather keys to all owned real estate properties, obtain bank account and credit card information, gather safe deposit boxes, etc. After this, they must distribute them according to the will while maintaining their fiduciary duty.

Q: What Is an Executor Entitled to in Florida?

A: Executors in Florida are entitled to a percentage of the estate. They can also be compensated for any extraordinary services they provide. This could be real estate assessments, management fees, court proceedings, and tax preparations.

It is not uncommon for executors to waive their right to compensation. This usually happens if the executor is also a beneficiary of the will. They could also apply for special compensation to the court if the standard amount of compensation is inadequate for their services.

Q: Who Can Be an Executor in Florida?

A: In Florida, an executor can be any financial institution or individual as long as they are a Florida resident, over the age of 18, mentally and physically capable, and a close relative of the descendant such as a spouse, sibling, parent, or any other relation. Also, an executor cannot have a disqualifying criminal record such as a felony conviction. If there is not an appointed executor within the will, the state will appoint one as they deem necessary.

Legal Guidance You Can Count On

The Law Office of Douglas A. Oberdorfer, P.A. is here to help you with your Florida estate planning needs. We can help you ensure your future is protected and that your assets are passed down the way you want. There are inevitable uncertainties in life, but knowing where your property and assets will be distributed should not be one of them. Contact us today to speak with a member of our legal team.