Determine Whether Probate is Required
The executor should make this decision only after consulting a probate attorney. Some of the factors to consider in determining whether probate will be required are the manner in which the decedent’s assets were titled and the likely presence or absence of estate creditors.
Locating and Securing the Assets of the Deceased
A person’s estate includes more than just their home and other real property. It can include bank accounts, retirement accounts, vehicles, antiques, firearms, and much more. The executor of a Florida estate must attempt to locate all assets so they can ultimately be distributed according to the deceased's wishes.
Locating and Contacting Those Named in the Will
Anyone named in the will (or in a trust, if one exists) must be located and notified that the individual has passed away and that they are named as a beneficiary. In most cases, this is easy, but sometimes someone listed is hard to locate, especially if the planning documents haven’t been updated in years.
The Executor of Estate Florida Determines the Approximate Value of the Estate
Assessing the value of the estate matters for several reasons. First, higher-value estates are more likely to have to go through probate. Next, the estate's value can significantly affect the taxes owed by the estate and possibly the taxes owed by those receiving an inheritance. If the estate has debts to pay, assessing its value can help determine what (if anything) needs to be sold.
Protect Probate Real Property
From the time the decedent passes away until all assets are distributed, the executor must ensure any probate real property is kept safe. This includes simple tasks like turning off the water to prevent leaks and more complex tasks like replacing broken windows or other damage. The estate can pay any costs of protecting the property.
The Executor of Estate Florida Pays Bills
The executor must also pay ongoing estate bills. The executor will pay bills like gas, electric, and more from the estate accounts. Consult an attorney before paying any bills.
Distributes Property & Assets to Heirs
Once the probate process (if necessary) nears completion, the executor distributes the estate assets to the beneficiaries according to the will or other estate planning documents. Depending on the type of assets, this can be a simple process or somewhat more complex.
Executor of Estate Florida is a Challenging Task Supported by Extensive Resources
While it may seem daunting, being an executor of an estate in Florida is common and easier when you break it into manageable steps. Approach it with confidence, knowing that there are answers to every imaginable question.
Do Not Hesitate to Seek Assistance
Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain our firm's rapid growth. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480
