There are a myriad of decisions to make when creating a comprehensive estate plan in Florida. In addition to choosing guardians and beneficiaries, it is critical to select the right administrator to oversee matters of your estate once you pass.
If you do not name an estate executor in the last will and testament, the court may appoint one for you. The best way to rest assured you have the right person for the job is to appoint one yourself.
What is the role of an estate administrator?
Once you pass, the estate administrator takes over as executive of your last will and testament. In addition to gathering all of the financial and legal documents needed, the administrator collects all property and assets included in the estate. Once the estate is appraised, any remaining expenses owed by the estate is paid out of that value. The remaining property and assets are then distributed to the beneficiaries named in the will.
The estate administrator is also responsible for safeguarding the estate from theft during the probate process.
What are good qualities for an estate administrator?
The administrator you appoint in your last will and testament should be ready and willing to take on a potentially complicated challenge. A good administrator will often possess a number of qualities that can help the probate process run smoothly and minimize possible problems along the way. According to Forbes, an executor should be:
- Able to keep documents and paperwork orderly and organized
- Able to meet strict deadlines during the probate process
- Able to read and understand complicated legal documents
- Able to handle accounting issues with reconciling the estate
- Able to mediate family disputes over property and/or assets
It is important to ask the person you have in mind if they have the time available to undertake such a venture.