There are plenty of decisions to make when creating an estate plan. You likely spent considerable time deciding on the distribution of your assets.
However, just as important is determining who will handle the distribution.
The characteristics of a good executor
An executor’s duties go beyond just distributing your assets to your heirs. Here are some of their responsibilities:
- File the will and initiate the probate process. The Hillsborough County Clerk of Courts handles this in the Tampa area.
- Inventory the deceased’s assets.
- Use the proceeds from the estate to settle any debts and liabilities.
- File the deceased’s final tax return.
- Distribute the remaining assets to the beneficiaries.
- Maintain detailed records of all communications and transactions related to the estate
The executor must also ensure all of their actions comply with Florida’s laws.
Considering the various requirements of an executor, there are certain characteristics to look for, such as:
Organization: The job of an executor involves a lot of paperwork and meeting deadlines
Financial knowledge: Asset management, handling taxes and paying creditors require a good understanding of financial matters
Trustworthy: This is the person that you are entrusting with sensitive matters and your family’s financial security
Good communicator: The executor will need to communicate with beneficiaries, lawyers, banks and investment firms
Impartial: If there are any conflicts between beneficiaries, the executor should serve as a neutral third-party
Available: An executor’s duties may be time-consuming, so you must choose someone with the time and willingness to take on the responsibilities.
While you may want to name a family member as an executor, it’s important to take into account the pros and cons of doing so. Discuss your estate plan with someone who can help you with the process and choose the right individual to fulfill your final wishes.
