Duties of an Estate Executor in Florida

When a person passes away, your duty as an estate executor consists of ensuring that a deceased person's estate is settled appropriately and according to their wishes. You must ensure all the decedent's property is accounted for, all debts are settled, and their heirs receive their inheritance.

Being an estate executor is an important role: You’re honoring the deceased’s last wishes and ensuring their loved ones are properly taken care of. Here’s what those duties entail in Florida:

What Are The Duties of an Estate Executor in Florida?

Locate the Will and Submit It to the Relevant Court

Floridian estate executors are responsible for locating, reading, and understanding the will. You are required to submit that will in a probate court. The court validates the will left by the decedent to allow the transfer of the assets to the beneficiaries.

If a will is not available, the ownership of the assets is transferred to the beneficiaries outlined in Floridian law, according to intestate succession laws.

Remember that in all of your dealings, you must act in the estate’s best interest, since you are the representative of the deceased in all court proceedings.

Send out Notices of Death, Contact Any Potential Heirs and Beneficiaries

As the appointed estate executor, when a loved one dies, you are responsible for notifying potential heirs and beneficiaries. Clear and frequent communication with the beneficiaries is necessary in order to avoid any confusion or resentment down the line. You must keep them up to date with the process of the settlement and update them for any litigation concerns or objections.

You also need to send out notices of death to the social security administration and inform the deceased person's bank, credit card companies, debtors, and creditors of the owner's demise.

Create an Inventory of Assets

The Floridian estate law dictates that assets subject to probate are assets owned in the name of the deceased individual. These are assets which form part of the deceased’s estate and lack a clear provision on automatic succession on the instance of death.

The assets that fall under probate include bank accounts, investment accounts, real estate, life insurance policies, annuity contracts, and retirement accounts. However, these assets do not fall under probate if they have named beneficiaries or are jointly held. You can find out more about assets that are exempt from probate here.

Pay the Estate Debts

The law states that all creditors must publish a notice of death so that potential creditors can reach out and claim payment. Creditors usually have three months to make a claim. Any debts must be paid through the estate, and must be settled before inheritances are paid out.

If the debts outweigh the estate's value, the liability does not extend to the beneficiaries.

Maintaining and Caring for the Property During the Probate Process

The estate executor takes full responsibility for any property owned by the deceased during the probate process. That could mean keeping up with mortgage payments, ensuring the property doesn’t fall into disrepair, and staying on top of insurance claims.

If you end up mismanaging the owner's property and causing loss to the beneficiaries, they can charge you, as you are personally liable for these losses.

Paying Any State and Federal Taxes, Including the Deceased's Final Tax Return

The state executor is responsible for filing any outstanding tax returns, including a final tax return for the deceased.

If the decedent's estate is large, the executor will also have to oversee the payment of an estate tax.

Distributing Assets to Beneficiaries

The distribution of assets is the final process in ensuring beneficiaries receive their inheritance. The distribution occurs according to the guidelines outlined in the will.

Once the distribution of assets has been carried out, you finalize the process by filing for a petition to close the estate with the probate court. You have to prepare a detailed list of your activities, including the distribution of assets. If the court approves, your job as an executor is done.

While the job of an executor can be daunting to handle alone, we at ClearEstate are here to help you navigate your responsibilities and empower you with the information you need to tackle this process. Reach out today for a free consultation to find out how we can help.