Those who have been chosen to serve as the executors for other people's wills have an enormous amount of responsibility. Therefore, although being appointed as an executor is generally an honor, as people typically choose trustworthy individuals to serve in this capacity, the role can also be confusing. Here is a look at what an executor's role is during the probate administration process in Florida.
First, the executor must secure the deceased person's latest will and read the instructions in it. Next, he or she will need to file a court petition to have the will admitted to probate. The following step involves collecting the deceased person's assets.
The asset collection step may include consulting with banks to uncover all of the deceased individual's accounts. The executor may also want to check for valuables and cash that the decedent may have hidden around his or her house. Other essential duties include inventorying all assets, determining liquidity needs, and paying federal and state taxes that might be due. In addition, the executor will need to file a federal tax return for the estate as well as a state inheritance and/or death tax return.
Probate administration can understandably be overwhelming to an executor due to the sheer number of tasks and steps involved in this legal process in Florida. Fortunately, an executor is entitled to retain a probate administration attorney at the estate's expense. An attorney can provide an executor with the guidance he or she needs to confidently and correctly navigate the complex probate process in the Sunshine State.