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Roles of FL Personal Representatives in Hiring Pros for Estates

4 July, 2024 by Katina H. Pantazis

Katina H. Pantazis

Probate and Trust Administration Attorney

Demystifying Personal Representative Duties: Hiring Professionals to Wind Up an Estate in Florida

Estate Administration in Florida can be a complex and diverse task, especially for those appointed as personal representatives. The personal representative is responsible for managing a deceased person's affairs. They have important duties, including hiring professionals to assist with closing the estate.

In this blog post, we will discuss the duties of a personal representative in Florida when hiring professionals. We will also give tips on how to handle this crucial aspect of estate administration.

The Role of the Personal Representative

Before hiring professionals, it's important to know the executor or executrix role in estate administration. In Florida, the court chooses the personal representative, also known as an executor or executrix. The court makes the decision based on the deceased persons will. If there is no valid will, the court will choose the personal representative.

The primary duties of a personal representative include:

1. Gathering and Inventorying Assets: The personal representative is responsible for identifying and collecting all assets belonging to the estate, including real estate, bank accounts, investments, and personal property.

2. Notifying Creditors and Paying Debts: The executor must notify creditors of the decedent's death and pay outstanding debts and taxes from the probate estates.

3. Distributing Assets to family members: The personal representative distributes the remaining assets to the beneficiaries after settling debts and taxes. The will lists the beneficiaries or Florida's intestacy laws choose them.

4. Filing Legal Documents: The person in charge needs to give legal documents to the probate court and government. These documents include the probate request, list of assets, and financial report.

Duties and Considerations for Personal Representatives

When hiring professionals to assist in estate administration, personal representatives should fulfill the following duties and considerations:

1. Exercise Prudent Judgment: Personal representatives must make decisions that benefit the estate and its benefactors. They should also use good judgment when selecting and overseeing professionals.

2. Obtain Multiple Quotes: Personal representatives should obtain quotes from multiple professionals to compare fees and services, ensuring fair and reasonable compensation for services rendered.

3. Ensure Proper Skills: Before hiring an estate planning attorney for probate proceedings, make sure to check their skills, credentials, insurance, and experience.

4. Maintain Communication: Maintain open and transparent communication with hired professionals, providing necessary information and updates to facilitate the efficient administration of the estate.

Learn in depth

Roles, Responsibilities and Duties of a Personal Representative

Hiring Professionals to Assist in Estate Administration

Given the complexities involved in estate administration, personal representatives often require the expertise of professionals to navigate legal requirements, financial matters, and other intricacies.

Here are some professionals commonly engaged by personal representatives in Florida:

1. Estate Attorney: In Florida, an estate lawyer assists with probate by advising, drafting legal documents, and safeguarding the executor rights.

Florida Estate Lawyer Fees: What You Need to Know

2. Accountant or Tax Advisor: An accountant or tax advisor can assist with preparing and filing income tax returns for a deceased individual. They can also help in reducing the amount of tax debts owed and ensuring compliance with tax laws.

3. Real Estate Appraiser: If the estate has a house or land, a real estate appraiser can figure out how much it's worth. This is important for dividing assets in probate.

4. Financial Advisor: A financial advisor helps people manage and invest their money wisely. They aim to earn as much as possible while minimizing risk. Additionally, they provide advice on financial planning to family members. They also give advice on financial planning to family members.

5. Estate Sale Companies: An estate sale company helps with organizing and selling personal belongings from a house. This saves time and effort for the Personal Representative. The company uses experienced professionals to make the process efficient. They also ensure that your loved ones receive their share of the proceeds. Experts help with probate process to make it faster and ensure that your loved ones get their share of the money.

6. Bond Companies. Sometimes judges require the Personal Representative to file a bond, even if the Will waives this requirement. A bond is a promise made by the Personal Representative of an estate. This promise ensures that they will follow state laws and the terms of the deceased person's will.

7. Banks. As the Personal Representative, you might have to open a bank account for the estate to put in any money. Choose a bank that knows the process well and responds quickly to avoid delays in estate administration.

8. Car Dealerships. A car dealership can assist with buying cars from the estate, assigning liens, and or satisfying any vehicle leans.

9. Contractors or Electricians. The estate may need a contractor or electrician to make repairs to the real estate it owns. As Personal Representative, you have the duty to ensure that the estate assets do not go to waste.

10. Locksmiths. A real estate property may require a locksmith to change the locks to keep the property safe from trespassers.

11. Moving Companies. Moving companies can help relocate a deceased loved ones personal effects to a new location.

12. Pool Companies. The estate may need a pool company to maintain or fix a pool on its property.

13. Property Managers. If an estate has many properties, the owner may need a property manager to help with administration.

14. Real Estate Appraisers. A real estate appraiser may need to provide an official appraisal of a property owned by the estate.

15. Realtors. You may need a realtor to sell estate property.

16. Estate and Trust Litigation Attorneys. Your loved ones may have to hire an estate and trust litigation attorney if any disagreements arise. This list does not include all professionals needed for estate administration. It only includes a few that a personal representative may need to hire.

Conclusion

Being a personal representative in Florida means hiring professionals to handle an estate. This task requires carefulness, caution, and knowledge of legal responsibility and financial matters.

Personal representatives can effectively manage the estate administration process by fulfilling their duties and considering the wishes of the deceased individual. This ensures compliance with the law. Experienced professionals can guide you through the estate administration journey with confidence and efficiency.