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Your executor, known as your personal representative in Florida, is responsible for managing your estate assets and debts after your death. Creating a detailed estate plan can streamline the personal representative’s role and ensure a smoother estate administration. However, simply having an estate plan doesn’t guarantee that your personal representative will avoid all complications. By taking a few proactive steps, you can streamline your personal representative’s future responsibilities and provide a greater peace of mind for yourself.
Ensure Your Personal Representative Can Find Your Documents
It is paramount that your personal representative is aware of the location of your will. If your will cannot be located, the probate court will distribute assets according to state law’s intestacy statute, which may not align with your intentions. Store your original will, insurance policies, deeds, and other essential documents in a weatherproof container and make sure your personal representative knows where to find them. If you choose to store your documents in a personal safe, provide your personal representative with the code or keys necessary to gain access. If you choose to store them in a safety deposit box, make sure to grant your personal representative access while you are still alive to avoid a potential dilemma down the line. It’s also a good idea to keep electronic copies of your documents and provide your personal representative with written instructions on how to access them. The attorney that prepared your estate plan should also maintain paper or electronic copies of your executed estate plan.
Keep Thorough Records
Maintaining detailed records of your bills, debts, and assets can be a lifesaver for your personal representative. By keeping thorough and organized documentation, you can make it much easier for your personal representative to manage your estate assets and debts. This includes keeping up-to-date lists of all financial obligations, property holdings, bank accounts, investments, and personal valuables. Such records not only streamline the process of settling your estate but also help ensure that nothing is overlooked or forgotten. You should also create a comprehensive list of account passwords and phone passwords for your personal representative.
Introduce Your Personal representative to Your Professional Advisers
Introduce your personal representative to your estate planning attorney, accountant and financial advisors. Direct communication between your personal representative and advisors can prevent misunderstandings and delays. Additionally, when your personal representative has established a strong rapport with your advisors, the estate is likely to be administered with fewer challenges and greater efficiency.
Enlist the Help of an Expert Attorney
Working with an experienced attorney to draft your estate plan is the most effective way to alleviate the burden on your personal representative. With over 50 years of combined legal experience, our team at Hoyt & Bryan are experts in estate planning. All of our attorneys are Board Certified Specialists recognized by the Florida Bar. Additionally, we are the only law firm in Florida with two attorneys who hold dual board certification in Wills, Trusts, and Estates, as well as in Elder Law. We invite you to attend one of our upcoming complimentary estate planning workshops or call 407-977-8080 to schedule a free consultation today!
