What are the legal responsibilities of a personal representative?

Generally speaking, a Personal Representative is responsible for opening the estate, collecting the assets of the estate, protecting the estate property, preparing an inventory of the property, paying various estate expenses, valid claims (including debts and taxes) against the estate, representing the estate in claims …

Should an estate account be interest bearing?

Interest-bearing accounts and other investments Except for checking accounts intended for ordinary administration expenses, estate accounts must earn interest. You may deposit estate funds in insured accounts in financial institutions, but you should consult with an attorney before making other kinds of investments.

Can a personal representative be appointed as an executor of an estate?

This person will be responsible for all the duties shared by an executor, but the appointment of said personal representative can delay the probate process. It will also ultimately extend the time it takes to administer your estate.

What are the duties of an executor in Florida?

This person accepts responsibility to act for the best interests of the beneficiaries/heirs and creditors of an estate to administer the estate correctly and efficiently pursuant to Florida law.

What are the requirements to be an executor of an estate?

Real estate, for instance, must be secured, physically maintained, insured against loss, and have property taxes paid.

What happens when you name an executor of an estate?

Also, if you name an executor in your will, the executor can file for probate of your estate and the court can quickly administer “letters testamentary,” which will authorize your appointed executor to carry out the administration of your estate.

This person will be responsible for all the duties shared by an executor, but the appointment of said personal representative can delay the probate process. It will also ultimately extend the time it takes to administer your estate.

What can I do if my executor is not following the law?

The court can remove an executor who is not following the law, who is not following the will, or who is not fulfilling his duties. The court can appoint a new personal representative to oversee the estate. A beneficiary who believes that the executor isn’t living up to his duties can petition the court for the executor’s removal.

This person accepts responsibility to act for the best interests of the beneficiaries/heirs and creditors of an estate to administer the estate correctly and efficiently pursuant to Florida law.

Can a fiduciary serve as an executor of an estate?

The executor of a deceased person’s estate is a fiduciary, someone legally and ethically bound to manage assets in the best interests of another party. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion.