Can Beneficiaries Act as Personal Representative?

For many people, their beneficiaries are the main people they think of when they start estate planning. However, there are other many individual roles you must also think of. One of the most important of these is your personal representative. This individual has the responsibility of administering your estate after you pass away. Your personal representative should be someone you trust implicitly and so, it is natural for people to first think of one of their beneficiaries. So, can a beneficiary fill this role?

Florida law does place many requirements on who can serve as personal representative. The law also does not exclude beneficiaries from filling the position. However, naming a beneficiary can also lead to disputes. Our New Port Richey estate planning lawyer explains more below.

What Duties Does a Personal Representative Have?

In addition to naming someone you can trust, there are many other factors to consider when choosing a personal representative. These individuals have many duties during the probate process and it is critical that you select someone who can fulfill them. These duties are as follows:

• File the will with the court to start the probate process
• Locate your property, take possession of it, and safeguard it
• Create an inventory of all of your property
• Value all of your property
• Inform all known creditors and beneficiaries of your death and their rights to your estate
• Pay any expenses of your estate, including the funeral costs, previous debts, and taxes
• Represent your estate during legal transactions, such as selling your assets
• Distribute the remaining property to your beneficiaries according to the terms of your will or Florida’s intestacy laws
• Prepare a financial accounting and submit it to the court

Florida’s Requirements for Personal Representatives

State law in Florida does outline several requirements personal representatives must meet. These include:

• They must be 18 years of age or older
• They must reside in Florida, unless they are a close, blood relative of yours
• They must have the physical and mental capacity to manage your estate and other important issues
• They cannot have a felony conviction on their record

Florida law does not prohibit beneficiaries from serving as personal representatives, as long as they meet the above requirements.

What Issues Can Arise?

Naming a beneficiary as personal representative is possible, but many issues can also arise. These include:

• Other beneficiaries may think the personal representative is putting their own interests over those of others
• Disputes can arise regarding the validity of debts and how estate expenses should be handled
• The personal representative may be too overwhelmed with grief to perform their duties

Our Estate Planning Lawyer in New Port Richey Can Advise on All Aspects of Your Case

You will have to make many decisions when planning your estate, including who will act as your personal representative. At Messina Law Group, P.A., our New Port Richey estate planning lawyer provides the sound advice you need on all aspects of your case so disputes do not arise and you and your family are protected. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0700-0799/0733/Sections/0733.602.html