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How to choose a personal representative for your estate

On Behalf of | Jan 22, 2020 | Estate Planning | 0 comments

Planning for the future takes a lot of preparation, and there are many factors to consider. Along with figuring out details of who gets what, there is also the job of choosing a personal representative. The responsibility of this person is to manage the estate and make sure to follow all directives. Because of the important role a personal representative has, it is crucial to make the right choice. 

According to Forbes, the job of a personal representative is not for the faint of heart and it takes a lot of work. Some duties include: 

  • Submitting the will for probate acceptance 
  • Finding all assets and liabilities 
  • Getting asset valuations 
  • Filing tax returns and other tax-related tasks 
  • Mediating disputes among family members and other parties 

Two traits to look for in a representative are responsibility and meticulousness, as the duration of the role can last for years and there are many details to get right. While the person does not need to be a financial professional, it is a good idea to choose someone who has financial experience and/or is willing to consult with people who know what they are doing. It also makes the job easier when the person knows the family and understands the person’s values. 

When asked to be a personal representative, a person should know that the Florida Legislature outlines appropriate compensation for performing all the duties. Commission ranges from 3% of the estate’s value for the first $1 million to 1.5% of value for those more than $10 million. This is in addition to compensation from the sale of property, dealing with business matters, litigation matters and any other special service. The court can alter the amount of commission based on numerous factors.