What Does A Personal Representative Do?
Being appointed as the personal representative of an estate is a big responsibility. Hopefully, the person who designated you to oversee their estate has spoken to you about it before they passed away. Regardless of whether you were aware of the designation or not, seeking legal advice is important to ensure nothing is overlooked and no mistakes are made. Below, our St. Petersburg probate and trust administration attorney outlines what you need to know.
What is a Personal Representative?
State law uses the term ‘personal representative’ to indicate the person who is to administer the estate after someone has passed away. Many people refer to the personal representative as the executor of the estate. People can designate a personal representative in their will or other estate planning documents. If a person has not done so before they pass away, the probate court may appoint a personal representative of the estate.
In the majority of cases, close relatives such as a spouse, child, parent, or sibling are often designated as the personal representative, either by a decedent or the court. When choosing your personal representative, it is important to make sure he or she can qualify as the personal representative under Florida law.
What are the Duties of a Personal Representative?
Personal representatives are responsible for administering the probate estate. It is important for personal representatives to seek legal advice. They are bound by state law to follow all court procedures, comply with all probate laws, and to act in the best interests of the estate and its beneficiaries. Some of the duties personal representatives are as follows:
- Identify and collect the assets of the decedent
- Protect the decedent’s property
- Collect any rent or other sources of income for the estate
- Notify creditors of the decedent’s death
- Serve the Notice of Administration on all interested parties
- Defend and handle any lawsuit filed against the estate
- Pay any valid claims made against the estate, using assets from the estate
- File and pay tax returns for the estate
- Hire professionals such as CPAs, attorneys, appraisers, and other necessary professionals to assist in such responsibilities
- Provide accountings of the estate to the court and beneficiaries
- Distribute assets to the intended beneficiaries
If the above duties are not properly fulfilled, beneficiaries and others with an interest in the estate may petition the court to remove the personal representative or may bring a civil lawsuit against the personal representative for breach of his or her fiduciary obligations.
Call Our Probate and Trust Administration Attorney in St. Petersburg Today
If you have been named as a personal representative, it is important to work with a St. Petersburg probate and trust administration attorney. At Legacy Protection Lawyers, LLP, our team of legal experts have the necessary experience to represent you, advise of the tasks to complete, and ensure your best interests are protected. Call us today at 727-471-5868 or contact us online to schedule a consultation and to get the legal advice you need.
Source:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0733/Sections/0733.602.html
