What Do I Do if I Am Named an Estate Executor?

If you have been named an estate executor in Florida, it is understandable that you may have some questions. This responsibility comes with numerous duties, such as notifying the deceased’s beneficiaries, paying off debts, and filing required tax forms. It is common to feel overwhelmed at such a time, especially when you are grieving. To provide some assistance, we put together this brief introduction to help you understand your role as an estate executor.

Notify the Beneficiaries

The first step for an estate’s executor is to notify all necessary parties of the individual’s death, and your role in the estate’s administration.. This process may include contacting any beneficiaries noted in the Will and potential heirs. You will also need to determine if Probate will be necessary or desirable.

Manage the Assets and Debts

Another set of responsibilities a named estate executor must manage concerns the decedent’s assets. You should compile a detailed inventory of all the estate’s property, including bank accounts, investments, and real estate, along with the property’s value. If you are unable to determine the fair market value, you can have the assets appraised. You may also want to secure the deceased’s holdings until it is time to distribute them.

Additionally, as the estate’s representative, you are responsible for identifying the individual’s outstanding debts. This responsibility extends to preparing and filing the necessary tax returns based on the final accounting.

Make Distributions and Close the Estate

Your role as estate executor includes the filing of all required paperwork with the probate court in a timely manner. After that, the distribution of the deceased’s assets takes place according to their wishes, or according to Florida law if they did not leave a Will. Finally, the court will issue an order of discharge and you will close the estate.

Contact Veliz & Associates, P.A., if You Are Named an Estate Executor

This is just a brief introduction to the duties of someone who is named as an estate executor. If you want to learn more, contact our probate attorneys at Veliz & Associates, P.A. We are a nationally recognized leader in estate planning and have been a community advocate in Coral Gables for more than two decades Please call us for assistance!