When you create an estate plan, choosing a personal representative is one of your most important decisions. In other states, this person is called the executor. A personal representative has specific jobs in handling your estate. You will trust them to perform many tasks when you die. Paying valid estate taxes, distributing property to beneficiaries, protecting assets and notifying creditors are just a few of their responsibilities.
Not everyone is eligible to receive the role of personal representative. Look out for these key aspects and qualities for an ideal individual.
Legal requirements in Florida
Florida has eligibility requirements for personal representatives. The state prohibits certain people from taking on duties related to estate management. Your choice cannot manage your estate if they don’t meet all of the criteria below.
- They are 18 years of age or older
- Their criminal record is free of any felony convictions
- They are of sound mind and body, able to carry out duties of the estate
Florida residents who meet these rules can serve. However, people living out of state must be a “close relative” to qualify. Only these specific relatives can serve from out of state:
- Spouse
- Parent
- Child (biological or legally adopted)
- Sibling
- Niece/Nephew
- Aunt/Uncle
- Direct ancestors or descendants (such as grandparents or grandchildren)
- A spouse of someone qualified as the above
Certain companies can also serve as a “corporate” personal representative. This may be a good choice for complex estates or when there is major family conflict. Authorized trust companies can act as a representative on your behalf.
Ideal traits
The personal representative role often involves handling complex legal matters and financial duties. You should look for specific traits when choosing your candidate. Here are some qualities you will want in your representative:
- Financial literacy: Your representative will handle money matters related to your estate. A representative who has an understanding of matters such as taxes, debts and accounts can reliably handle your assets.
- Willing and available: As estate management can frequently be a time-consuming endeavor, availability should be a top priority. A personal representative needs to be willing and able to sort out estate matters.
- Diplomacy and communication: Someone who can resolve complex legal matters or family disputes is likely to be a good representative for you.
Estate planning is a multi-year, almost lifelong commitment. There are many factors to consider when selecting a representative that best matches your needs. Fortunately, legal assistance can help you streamline estate planning and management of your future.