While making your estates plans, you need to include a number of fiduciaries. Fiduciary are vital to formation and implementation of an estate plan. Asides making plan, you need to consider who will handle the execution of your wishes over your estate. Choosing the right candidate for this would ensure smooth transfer of your estate to desired beneficiaries and also proper implementation of other estate plans. Perhaps, besides deciding to make estate plans, the next most important thing is the person chosen to implement the plans. One the fiduciary you need is the personal representative. The personal representative is also known as an executor or administrator. They oversee the adequate implementation of your estate plan.
Here are other duties of a personal representative.
Locating the assets named in your estate plan.
The personal representative named in your estate plan would be locate and protect the assets meant for our beneficiaries. These assets are generally not released to the estate beneficiary unless probate process is completed. As such the need to locate them and have them safe till when the long probate process is completed.
Retirement account and other estate documents like the living trust would not be included in the probate assets.
Getting the date of death value.
The personal representative is charged with the duty of recovering the date of death value of probate and non-probate asset values. This include deduction of estate taxes, calculating business appraisals, appreciating and deprecating values of real estate. These values and figures would ensure that any court dispute over settlement of the assets is quickly solved.
Putting out notification to creditors.
Your personal representative would identify all your creditors and pay off all outstanding debts you owe. Usually, the personal representative must have sent out notice about the passing away of the deceased.
Prepare tax returns and pay ongoing expense.
Your personal representative would prepare and file your personal income tax return on federal and state taxes for the year preceding your death. Also, the tax incurred on your estate would be obtained. This is achievable on large estate with state taxes imposed.
To successfully settle your estate, all fees incurred from court proceedings, payment of services rendered by attorneys, executors, etc. must be paid. Your personal representative is fully aware that this payment precedes the finally settlement of your estate and transfer of assets to chosen beneficiaries. As such, in cases of inadequate funds, the representative can raise cash from sales and liquidity of assets.
Distribution of your estate.
Once all the requirement settlement has been made, submission of the estate documents to the probate court, value estimation of the deceased estate, debt, taxes and other expenses paid, your personal representative goes ahead to distribute your estate to desired beneficiary.
- Personal representation are vital to the implementation of estate plan.
- Your personal representation would ensure that your desired beneficiaries gets your estate.
- Once involved in your estate plan, Fort Lauderdale estate lawyer would ensure that no family feud come up when administering your estate.
- Estate plans can be made to reflect and implement your mid, short and long term plans. However, you can speak with an estate planning lawyer to know suitable documents that would reflect these plans.
- Since estate plans are made in preparation for any uncertain life occurrences, you need the right lawyers to ensure your desires and plans are duly implemented.
- Fort Lauderdale estate lawyers would guide you through any probate process. Also, the estate lawyer can step in a play the role of the executioner of your estate plan.
- The living trust is an essential estate document. While other estate document such as last will may go through probate before it can be implemented, the living trust allows transfer of assets without any probate process.
Contact a Fort Lauderdale Estate Planning Lawyer
Our estate lawyer are the best candidate to represent you in the establishment of your estate.
If you reside in Fort Lauderdale and you need help regarding the planning of your estate, and also a personal representative, contact our estate planning lawyer in Fort Lauderdale.
Estate planning can be a tough task, depending on how you want your estate to be planned. Ever more complicated is planning it all by yourself. To ensure that your estate is well planned, it is best you contact a professional, one who is quite conversant with estate planning and the estate planning laws in Fort Lauderdale.