Understanding the Role and Responsibilities of an Executor

When drafting a will, many people default to naming a spouse, closest sibling, or oldest child as executor of his or her estate. Choosing an executor, however, is just like hiring for any other important job: Making the right choice requires an understanding of exactly what you’ll be entrusting to that person and what strengths and skills are relevant.

Qualifications for Serving as an Executor in Florida

There are two types of qualifications to consider when choosing a Florida executor: the legal and technical requirements, and the practical qualifications that will allow your executor to successfully fulfill the role.

Legal Requirements for Florida Executors

The statutory requirements for a Florida executor are straightforward. To qualify to serve as an executor, a person must:

Be at least 18 years of age,
Be physically and mentally capable of performing the assigned duties,
Not have been convicted of a felony, and
Be a Florida resident
EXCEPTION: A non-resident may serve as executor if that person is related to the testator by blood, marriage, or adoption

Though anyone who fulfills these three criteria is technically qualified to serve as executor, that doesn’t mean just anyone is a good choice. Selecting the right executor requires careful consideration of the duties that person will be asked to perform.

Duties of a Florida Executor

The executor of an estate is responsible for accounting for, preserving, and properly distributing the property of the estate. Some of the core responsibilities include:

Providing notice to all interested parties
Identifying and serving notice on creditors
Publishing a legal notice for unidentified creditors
Inventorying and taking possession of assets of the estate
Valuing and preserving the value of assets
Filing an inventory with the court
Filing estate tax returns if required
Paying creditor claims
Filing income tax returns for the decedent and the estate
Management of the assets, including
Investment
Selling assets as necessary to pay taxes, pay creditors, or fulfill bequests
Caretaking or arranging for caretaking of assets such as real property
Distributing assets to beneficiaries
Reporting to the court
Closing out the estate

In most cases, a Florida executor must work with an estate lawyer to administer and close out the estate. Thus, the executor won’t have to manage all of these responsibilities alone. The estate attorney will provide guidance in the technical and procedural aspects of the process, advise the executor as to which tax filings are required, and otherwise help ensure that all duties are properly fulfilled. For example, the attorney can:

Draft the necessary legal documents
Keep the executor apprised of all relevant deadlines and requirements
Advise as to which tax returns are required
Ensure that inventories and other reports to the court are in proper form
Suggest experts when required for services such as valuations
Advise as to tax consequences and other potential costs associated with different methods of distribution
File the executor’s reports with the court and make any necessary court appearances
Ensure that the estate is properly closed out when all debts have been paid, tax returns filed, and assets distributed

As the above list makes clear, serving as executor is not a nominal or fleeting task. In addition to the procedural requirements, it is important to be aware that the gathering and inventorying of assets can be time consuming. This process will include not only transferring ownership of assets such as vehicles and bank accounts, but also inventorying the deceased’s personal property, including digital assets and accounts.

Ideally, the person selected will:

Be of high integrity, so you know that he or she will act in the best interests of your beneficiaries
Be organized and diligent, since inventorying the estate can be a time-consuming, detail-oriented process
Have the available time and attention to invest in fulfilling the role in a thorough and timely manner
Have indicated a willingness to serve

You may also want to consider the possible impact on family relationships in appointing an executor.

Working with an Experienced Florida Estate Planning Attorney

When you work with an experienced estate lawyer to draft your will, the attorney can assist you in considering all of the factors necessary to select an executor who is both technically qualified and well-equipped to do the job. The more information you have before making that decision and the more thoroughly you consider your options, the more likely it is that your executor will be approved by the court and will be able to efficiently discharge his or her duties.

The post Understanding the Role and Responsibilities of an Executor appeared first on Upchurch Law.