Individuals tasked with carrying out a deceased person’s Last Will are referred to as an Executor. They are responsible with handling all present and previous financial transactions made by the deceased individual. Tasks include distributing all of the deceased assets to all named beneficiaries in the Will.

 Pay all Debts

Executors are responsible for overseeing that all debts incurred by the deceased are paid. All expenses, fees and taxes during the process are cleared and expenses maybe charged from the person’s assets. Beneficiaries also have the option for paying existing debts and expenses to keep all assets intact.

Distributing the estate

When all debts and expenses are cleared, the executor is tasked with distributing all remaining portions of the deceased estate to all qualified beneficiaries stipulated in the Will.

Notifying all Beneficiaries

The Executor is responsible for locating and communicating with all individuals and entities in the Will.

Caretaker of the Estate

Executors are charged with taking care of all remaining assets, investments and properties of the deceased. Responsibilities include application of insurance and making sure that all beneficiaries are not unduly stressed while waiting for the Wills execution.

Location and Identification of all assets and liabilities

All remaining assets of the estate are accounted for and an estimate on the estates value is made after deducting all debts and liabilities. All properties values must be documented and recorded. 

Accomplish all Income Tax returns

Included in the deceased person’s debts and liabilities are outstanding income tax returns. Executors must accomplish all forms and clear all outstanding payments.

Setup Trusts

Tasks include setting up trust funds for beneficiaries under 18 years or those with mental disabilities or physical impairments which render them incapable of making decisions. These trusts require years of administration, sometimes covering the remainder of the beneficiaries’ life.

Helpful tools and information on Probate Law: Adrian Philip Thomas, Public Attorney serving people in For Lauderdale, Florida.

All duties must be taken in proper steps to ensure that the estate is taken care of properly.  Any mistakes can slow down the whole estate process.  There also may be mistakes that lead to beneficiary upset.  In some cases the representative can be liable for any mistakes that have been made.

Under the law, the personal representative is legally obligate to distribute the probate estate to Florida law.  The person is responsible for gathering, identifying, valuing and safeguarding all assets.

A notice to creditors must be published in the decedent’s local paper.  This gives people who need to file a claim, to do so in a manner that is in accordance with Florida law.

There must be a notice of administration that will provide information about the probate and administration procedures that must be followed.  These are set in place for those people who have any objection to the decedent’s estate.  They will then have a certain amount of time to file a complaint if they disagree with the terms of the estate.

Any creditors must be notified as of the time that their claim must be filed.  The personal representative must do a reasonable search to find all creditors.  These creditors are deserving of receiving rewards for all debts that were incurred by the decedent.   Florida law helps to not only protect decedents and beneficiaries, but creditors as well.

The personal representative must make sure to object to improper claims.  Suits that are brought on must be defended.  This helps to protect the estate from any wrongdoing.  All valid claims must be paid.  All tax returns must be files and paid.

If need be, the personal representative will find professionals that will assist with administering the estate.  These professionals may be accountants, investment advisors, appraisers, and attorneys.  If a representative needs help with the estate, it is advised that they obtain the proper assistance so that all duties are carried out in the correct manner.

All expense related to administering of the estate must be paid.  All statutory payments must be made to a decedents’ spouse and/or family.  The representative must distribute assets to the beneficiaries and close the estate.

The personal representative has to carry out all duties in the proper manner that is in accordance with Florida law.  If this is not done, the representative will be liable for any harm and suffering that may be experienced by beneficiaries.

This article is not intended for legal advice.

Additional Legal Site: The Law Offices of Adrian Philip Thomas. Serving clients in Fort Lauderdale, Fl.