Can Beneficiaries Act As Personal Representatives In Florida?
There are many roles that must be fulfilled in any estate plan. Two of the biggest are the beneficiaries, the people who will inherit the property of the estate, and the personal representative, who will administer the estate. There are many laws regarding estate plans and people often wonder if beneficiaries can also serve as personal representatives. Fortunately, beneficiaries can act as personal representatives, but this can create potential conflicts and there are many legal responsibilities to consider. Below, our Daytona Beach estate planning lawyer explains in further detail.
What Does a Personal Representative Do During Probate?
Probate is a legal process that administers a person’s estate after they pass away. If there is a will, property is distributed according to the terms in the document and if there is no will, property is divided according to Florida’s intestacy laws. Personal representatives have many responsibilities during the probate process and they are as follows:
- Filing the will with the probate court in the county where the deceased lived
- Identifying and valuing the assets within an estate
- Notifying creditors and settling legitimate debts
- Filing necessary tax returns
- Distributing property to beneficiaries as outlined in a will or the state’s intestacy laws
Personal representatives are responsible for many tasks during probate, but this does not exclude them from also being named as beneficiaries.
Who Can Act as a Personal Representative?
Personal representatives can also be beneficiaries of the estate. It is very common, in fact, for spouses, children, and other close loved ones to fill the role of personal representative and be named as a beneficiary. However, there are certain requirements personal representatives must meet. Personal representatives in Florida must:
- Be at least 18 years of age
- Live in Florida or be a close relative of the deceased
- Have the physical and mental capacity to manage the affairs of the estate
- Not have a felony conviction
As long as a person meets the above requirements, they can serve as personal representative even if they are named as a beneficiary.
Possible Conflicts of Interest
Although there is no legal reason a beneficiary cannot serve as personal representative, there are possible issues that can arise. These include:
- Other beneficiaries may believe the personal representative is prioritizing their own inheritance over theirs.
- Decisions regarding how to handle expenses and which debts are legitimate may lead to disputes.
- Other interested parties in the estate may believe the personal representative has an unfair advantage.
If any dispute does arise, the beneficiaries may challenge decisions made during probate. They may even ask the court to remove the personal representative.
Our Estate Planning Lawyer in Daytona Beach Can Provide the Legal Advice You Need
There are many different decisions you must make when planning your estate. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can provide the legal advice you need to make informed decisions and ensure that you and your loved ones are protected. Call us today at 386-252-5170 or fill out our online form to schedule a consultation with our experienced attorney and to learn more about how we can help.
Source:
leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0733/Sections/0733.602.html
