The Duties of an Executor

The Duties of an Executor

Naming an executor for your estate should be done with considerable forethought, with a focus on who can perform the duties of an executor carefully and completely. This will not always be someone who is a friend or family member. You should also be aware of what an executor’s duties entail before making your choice:

Fiduciary Duty – an executor will be held to a very high standard when it comes to their fiduciary duty to your heirs, so be sure your choice is both responsive and responsible.

Distributions – an executor is charged with making distributions to heirs from the estate after all debts are settled. They must be able to withstand family pressure and, when prudent, refuse distributions that are inconsistent with the terms of the will or not in the best interest of the heirs.

Debts – an executor is responsible for identifying and notifying creditors and paying all debts before any distributions are made to heirs.

Accounting – an executor is required to provide the probate court with a detailed inventory of estate assets and to give an accounting of all income, distributions and expenditures of the estate to the heirs.

Taxes – an executor is responsible for keeping excellent records and must file and pay taxes for the estate.

Representation — an executor is responsible for representing the estate in court, including during any potential legal disputes over the will.

When choosing their executors, many people don’t consider the whole picture. They are inclined to choose based on fear of being taken advantage of, which is why many people choose a trusted family member. But it’s also important to consider knowledge and expertise. A situation in which a fiduciary acts dishonestly and takes advantage of your beneficiaries is far less likely a scenario than one in which a fiduciary does your beneficiary a disservice out of ignorance and inexperience.

The duties of an estate executor are significant, and unless you have prior experience in estate administration, it would be wise for you to consult with a Florida probate attorney for the help you will surely need.

To learn more about navigating the probate process in Florida, contact one of the experienced Florida probate attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com.

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