Video Summary
What does an executor really do and how do you choose one? Well, whenever you designate a personal representative and you pass away, the personal representative or executor contacts an attorney and reviews with the attorney your will to see if there are any assets that are just titled in your name. Once they determine this, determine that there are assets just in your name, the attorney will explain the probate process where you petition the court to have you be appointed as the personal representative and have what they call letters of administration issued. Once you’re issued letters of administration, you then send out, your attorney will send out for you, notice to creditors giving them a certain period of time to file their claim. They have three months from the date of publication in the newspaper to file their claim. You have the duty to notify them, any reasonably ascertainable creditor, and give them notice so that they can file their claims. You then turn around and start what they call marshaling or getting your arms wrapped around what assets the decedent owned and then determine whether or not they need to be liquidated or whether or not you’re going to distribute it to the beneficiaries. You file an inventory after 60 days and then after the period for creditors expires, you then see about paying any outstanding creditors and then pay the balance of whatever’s in the estate or distribute the assets to the beneficiaries. So if you have any questions about what to do as far as being designated as a personal representative, give me a call. In addition to how do you select one, you have to designate a relative or a person who resides in the state of Florida to be your executor. Your relative does not have to reside in Florida to be able to serve. However, any residents you select in Florida can serve as a personal representative. If you have any questions concerning this, give me a call at 727-847-2288.