How To Choose A Personal Representative For Your Estate
When planning your estate, there are many decisions you will have to make. Namely, you will have to determine how you want your property distributed after your death. Below, one of our St. Petersburg estate planning attorneys explains how to choose a personal representative who is trustworthy and who will ensure your property is distributed according to your wishes.
What Does a Personal Representative Do?
Individuals name a personal representative in their will or in other important estate planning documents. If someone passes away without this documentation in place, the probate court will name a personal representative on their behalf. A personal representative has many responsibilities, including:
- Paying bills using funds in the estate
- Collecting the inventory of the deceased
- Provide notice to creditors
- File tax returns
- Valuing the estate
- Communicating with beneficiaries
- Distributing property to beneficiaries
Depending on the facts of a specific case, the above are just a few of the tasks a personal representative may have to handle.
Legal Requirements for a Personal Representative
In Florida, there are certain legal requirements placed on personal representatives. The first is that, unless the designated person is related to the deceased in some way, the personal representative must be a Florida resident. The second requirement is that they must also be at least 18 years old and mentally fit to serve in the capacity.
In addition to the legal requirements, there are also many personal traits you may want to consider.
What to Look for in a Personal Representative
There are many different traits you will want to look for in a personal representative. These include:
- Financial knowledge: Your personal representative will have to handle many financial matters. For example, they will have to value your home and calculate your debts. While your personal representative can certainly seek help from financial advisors and other professionals, they should at least have a basic understanding of finances and how they are handled.
- Organization: Your personal representative should be extremely organized. They will have to collect and list all of your personal property, and this requires sharp organization skills.
- Understanding of your wishes: Your personal representative should know exactly what your final wishes are so they can help fulfill them. This means you should only name someone you are comfortable reviewing your will with, and talking about very personal matters.
- Trustworthiness: Your personal representative will have a fiduciary duty to you and your beneficiaries. As such, you should only choose someone who is extremely trustworthy.
In addition to the above, you may want to choose someone who is not your spouse or children. While these individuals seem like natural choices, they will also feel the most grief upon your passing, which may make the duties of a personal representative hard to fulfill. Although you certainly can choose these family members, it is something to consider.
Our Estate Planning Attorneys in St. Petersburg Can Advise On Your Case
Who you choose to serve as your personal representative is a deeply personal matter. At Legacy Protection Lawyers, LLP, our St. Petersburg estate planning attorneys can advise on all the important aspects of your plan so you can feel secure knowing your wishes will be fulfilled. Call us today at 727-471-5868 or contact us online to schedule a consultation and to learn more about how we can help.
Sources:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0733/Sections/0733.602.html
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
