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personal representative

“It’s All Greek to Me”: Fiduciary

By Estate Planning, ProbateNo Comments

 In this series of blog posts, we define esoteric legal terms and explain how they are used in law.

The word “fiduciary” has many meanings in law, but the Merriam-Webster definition ties together all uses of the word nicely: “of, relating to, or involving a confidence or trust.” Whether the term is applied to a will, a trust, or a power of attorney, it is the duty of the fiduciary to act in the best interest of his/her client, their estate, and their beneficiaries.

When it comes to probate, the fiduciary acts as the “Personal Representative” (a.k.a., “executor”) of the Will – the person in charge of distributing the assets and seeing the probate administration to its completion. The Personal Representative can be compensated for his/her services, known as “costs of administration.”

A trustee of a trust is the person appointed to hold and invest the assets of the trust. The fiduciary agent named under a power of attorney, like the trustee, has powers and responsibilities that go into effect as soon as the documents are signed.

May 14, 2019
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What are the qualifications to serve as a personal representative?

By Estate Planning, ProbateNo Comments

In Florida, the qualifications to serve as personal representative of an estate, as set forth by the Florida Probate Code, are as follows:

-The personal representative has never been convicted of a felony

-The personal representative is mentally able to perform his/her duties

-The personal representative is physically able to perform his/her duties

-The personal representative is 18 years of age or older

Furthermore, the personal representative must be a Florida resident, unless he/she is a family member within a particular degree of relationship to the decedent.

Are you unsure whether you or the individual you would like to serve as personal representative of your estate is qualified and eligible for appointment under the law? Please contact the elder law and estate attorneys of Bach, Jacobs & Byrne, P.A. at (941) 906-1231 to schedule an appointment to discuss your case.

February 15, 2019
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What happens if the personal representative nominated by a decedent is found to be unqualified for the role?

By Estate Planning, ProbateNo Comments

The Florida Probate Code lists the order of preference for the selection of personal representatives in both estates where the deceased left a Will and where the decedent died without a Will. In an estate with a Will (a “testate” estate), if the individuals nominated under the Will are not eligible, then the “person selected by a majority in interest of the persons entitled to the estate” takes precedence. If this person, too, is unqualified, one of the Will’s devisees may be appointed as the next in preference.

The attorneys at Bach, Jacobs & Byrne, P.A. are experienced elder law and estate attorneys who can advise you in the process of naming your personal representative. Call us at (941) 906-1231 to schedule an appointment.

December 21, 2018
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How to Choose a Personal Representative for Your Estate: Attributes of the Personal Representative

By Estate PlanningNo Comments

Being the Personal Representative of an Estate is a solemn responsibility. Therefore, you should choose an individual that is honest, diligent and reliable. Most people opt to designate a family member that they are close with as their Personal Representative, but if you do not believe that any of your family members are up to the task or do not want to burden them in an already difficult period, you may want to consider asking a trusted friend. However, make sure that this individual is in good health so that they will still be around and able to perform their duties by the time you pass away.

If you are not comfortable naming a friend or family member Personal Representative of your Estate, you always have the option of naming a third party Personal Representative in your Will, such as a bank, trust company, or legal professional with experience in Estate Planning.

For assistance regarding this matter, contact our office at 941- 906-1231 to schedule an appointment with one of our attorneys.

November 7, 2017
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How to Choose a Personal Representative for Your Estate: Duties of the Personal Representative

By Estate PlanningNo Comments

A Personal Representative of a Will is the individual who is appointed to administer your estate and carry-out the wishes set forth by you in your Will. This is one of the most important decisions that you will make when preparing your Will, so it should not be taken lightly.  The responsibilities of a Personal Representative include, but are not limited to: filing court papers to start the probate process, taking inventory of your estate, preparing/filing final income tax returns, distributing assets to your beneficiaries and, ultimately, notifying banks and government agencies of your passing as well as using your estate funds to pay bills.

October 31, 2017
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