Whether you are asked to serve as an executor of a will in Florida, or you are choosing an executor for your own will, it is important to know the roles and responsibilities of an executor.
Although the duties of an executor may seem relatively straightforward, serving as an executor can be complex and time consuming. This is why executors are compensated for their time.
The first steps of an executor are making funeral or burial arrangements and locating the original will of the decedent. Although the decedent’s family members or loved ones will likely be involved in the funeral and burial plans, it is the executor who has the legal responsibility of doing so.
Estate assets
Next, the executor must identify and collect the assets of the estate. This can take time, since tracking down the location of each estate asset is not always a quick process.
Assets include physical assets, such as real estate, and non-physical assets, such as bank and retirement accounts. Once the assets are collected, they are distributed to heirs or beneficiaries who are identified in the will. If there is no will, the assets are distributed according to Florida’s probate laws.
Estate debts
Estate debts must usually be paid before assets can be distributed. The executor is responsible for identifying all estate creditors and ensuring they are paid before distributing the remainder of the assets.
Depending on the circumstances, the executor may need to file a final tax return for the decedent. Any tax debt must be paid along with the other debts. The executor’s final duties include completing the paperwork necessary to close out the estate.
Managing disputes
Sometimes disputes arise throughout the process, such as an heir contesting the terms of a will. The executor is responsible for participating in the legal proceedings involved in attempting to resolve the dispute.
If you are serving as an executor, staying organized and on top of deadlines can increase the chance of a smooth and efficient process. If you are choosing your executor, it is important to select someone trustworthy who you believe can handle the responsibilities.