Spruce Creek South Probate Lawyer: Your Florida Probate Team

A Guide for the Personal Representative in Spruce Creek South

If you have been named the Personal Representative (often called an executor) for a loved one’s estate in Spruce Creek South, you have been given a position of great trust. You have also been given a significant legal responsibility. This guide is designed to help you understand your duties. Spruce Creek South probate lawyer John Marshall specializes in advising Personal Representatives, ensuring you fulfill your role correctly and with confidence. Contact Marshall Law today for a consultation to review your duties and create a plan of action.

Understanding Your Fiduciary Duty

As the Personal Representative, you have a “fiduciary duty” to the estate’s beneficiaries. This is the highest standard of care under the law. It means you must act in the best interests of the beneficiaries at all times, manage the estate’s assets prudently, and avoid any conflicts of interest. Our role is to guide you in upholding this important duty.

Your Core Responsibilities as a Personal Representative

Your duties can be broken down into several key areas. As your attorney, we will prepare the legal documents and manage the court filings for each of these steps.

1. Secure the Estate

• Locate and Protect the Will: The original will must be found and deposited with the appropriate court.
• Safeguard Assets: You must take control of the decedent’s assets to protect them from loss or damage. This can include securing the home, collecting mail, and taking possession of valuable personal property.

2. Administer the Estate

• Open the Probate Case: We will file the necessary petition to have you formally appointed by the court.
• Inventory All Assets: You must create a detailed inventory of everything the decedent owned, from real estate and bank accounts to retirement funds and personal belongings.
• Manage Finances: You will need to open an estate bank account to pay bills and manage the estate’s cash flow.

3. Settle All Debts

• Notify Creditors: A formal notice must be published to alert potential creditors that the estate has been opened.
• Pay Valid Debts: You are responsible for paying the decedent’s final bills, taxes, and any other valid claims that are made against the estate.

4. Distribute and Close

• Distribute Assets to Beneficiaries: After all debts are paid, you will distribute the remaining assets to the beneficiaries according to the terms of the will.
• File a Final Accounting: You must provide a final accounting to the beneficiaries and the court, showing all the money that came into and went out of the estate.
• Close the Estate: We will file the final paperwork to officially close the estate and relieve you of your duties.

Frequently Asked Questions for Personal Representatives in Spruce Creek South