What Responsibilities Do Personal Representatives Have?
Perhaps someone you love has asked if you would take on the role of being their personal representative if they pass away. Or, maybe someone has just passed and you have learned they designated you for this role, or maybe the court has appointed you to the position. In any case, what does this mean? Below, our Daytona Beach probate attorney outlines the duties and responsibilities of being a personal representative.
Collecting Assets
One of the first steps a personal representative must take is to collect the assets of the estate. This can include the following:
- Collecting the keys to all property, such as a rental building or the decedent’s home
- Locating the credit cards and checkbook of the deceased
- Collecting assets from safety deposit boxes
Under Florida law, personal representatives must report assets to the court within 60 days of the death. After collecting these assets, the personal representative must also eventually distribute the property according to the decedent’s will or state law.
Also, when collecting the assets of the deceased, it is important to work with an attorney who can advise on certain laws and guidelines. For example, if you find stray cash in the deceased’s home, you should place it in a labeled envelope and have a witness sign it for estate purposes.
Managing Assets
There are also certain types of assets a personal representative will have to reasonably manage. For example, if the deceased had rental properties currently housing tenants, the personal representative should collect the rent and carry out other landlord duties. If this is not done, legal challenges from creditors and beneficiaries could arise if these duties are not carried out properly.
Handling Debts of the Estate
In addition to managing the assets of the estate, personal representatives must also handle the debts of the deceased. The personal representative must notify creditors of the death so they have the opportunity to file a claim with the estate and recover the debt. It is always important to work with a probate lawyer when doing this, as different creditors have different types of notice requirements. The personal representative should also notify the beneficiaries of the debt and how it will impact any property they receive.
Taxes
The personal representative is also responsible for certain tax duties. These include the estate filing, annual filing, or final tax filing. There are many factors to consider when filing any taxes, such as the timeline of events.
Our Probate Attorney in Daytona Beach Can Represent Personal Representatives
State law in Florida requires all personal representatives to work with an attorney to ensure they are fully aware of their responsibilities and duties, and that they fulfill them. At Bundza & Rodriguez, our Daytona Beach probate attorney can help you manage your tasks and responsibilities, guide you through the process, and make things as easy as possible for you during this difficult time. Call us today at 386-252-5170 or chat with us online to schedule a consultation with our experienced attorney and to learn more about how we can help with the process.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html
