How To Select A Personal Representative For Your Estate
When creating an estate plan, one of the first steps is choosing a personal representative. This is a very important decision, as your personal representative will distribute your assets to beneficiaries, administer your estate, and cooperate with the probate court. Below, our Daytona Beach wills and trusts lawyer explains the factors to consider when choosing one.
What Does a Personal Representative Do?
During your lifetime, you have the authority to decide what happens to your assets because you own them. You can choose to pass certain assets to your loved ones, or keep them for your own comfort and needs. After you pass away, your estate cannot act on its own. The companies you once worked with, such as financial institutions, may not necessarily share your information with your next of kin.
The probate courts in Florida are legally appointed to work on behalf of the estate. Once a personal representative is appointed, they become the spokesperson for the estate and will work with your creditors, realtors, banks, and beneficiaries. Your personal representative has a legal duty to pay off your creditors and distribute your assets according to your will or the intestate laws in the state.
Factors to Consider when Selecting a Personal Representative
Choosing a personal representative is very important. First and foremost, you must choose someone you trust implicitly. They will, after all, play a large role in making sure your estate is properly administered. There are other many important factors to consider as well, and they include:
- Age: The age of your personal representative is important. Firstly, they must be at least 18 years old under Florida law. You should also consider whether they will survive you and therefore, be able to act in the role.
- Residency: Personal representatives must live in Florida. A personal representative in another state can only perform their duties if they are a member of your immediate family.
- Education and background: Your personal representative will have to perform many duties and so, it is important to ensure that they have the education and background to do so.
- Temperament: The role of a personal representative is a stressful one. It is important to ensure that the person you select is equipped to handle it.
- Relationship with your family members and beneficiaries: It is not required that your personal representative has a good relationship with your family members and beneficiaries. However, they will have to work with them closely and so, it is helpful if everyone gets along.
Call Our Wills and Trusts Lawyer in Daytona Beach for Help
When you are creating your estate plan, it is critical that you work with a Daytona Beach wills and trusts lawyer. At Bundza & Rodriguez, our experienced attorney can help you identify your goals, make important decisions, and ensure that your plan will clearly outline the wishes you want fulfilled. Call us now at 386-252-5170 or chat with us online to schedule a consultation and to learn more about how we can help.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
