If you live in the Sunshine State, you want to name a person in your last will and testament to oversee your assets when you are gone. This is called a personal representative here in Florida, but most people commonly know this term as an executor. This person is named in your will and chosen by you. Here are three things to consider when selecting a personal representative:
Responsibility
The personal representative should be a very responsible person. While not mandatory, it is always helpful if the person named is financially and technologically savvy.
If the personal representative is great with emailing, computers, and can assist with basic accounting, it will make things much smoother for your estate. Keep in mind that you cannot name a convicted felon as your personal representative; Florida law does not allow it.
Relationship with the beneficiaries
Sometimes it may be wise to select a personal representative who is independent of your beneficiaries. This means the personal representative may not be receiving any assets under your will. This would help avoid any conflict of interest the personal representative may have in handling your assets.
At the very least, you should not name a personal representative who doesn’t get along with your beneficiaries, regardless of whether they are independent or not. Notably, personal representatives are always entitled to compensation and expenses incurred carrying out their duties.
Backups are important
Lastly, please do not forget to select a backup personal representative in case he or she is no longer available – whether due to death, lack of interest, illness, or relocation. Some people feel they will update their will if something happens to their first agent, but more likely than not, it will be forgotten. You wouldn’t want the court to appoint a random family member or stranger to oversee all your assets.
Cheers to peace of mind and smooth sailing ahead!
Tara David, Esq. of Estate Law of Florida, P.A. is located at 2211 E. Sample Road (Suite 101) in Lighthouse Point. Visit elflorida.com, email [email protected], or call 954-951-7274 for more information. Tara David offers complimentary consultations for estate planning, guardianship, and probate matters.