DUTIES OF THE PERSONAL REPRESENTATIVE OF AN ESTATE

IMMEDIATE STEPS

Locate and study will.
Confer with an attorney.
Make inventory of personal possessions.
Meet with family and others concerned with estate.
Assist surviving spouse in personal finances as needed.

COURT ADMINISTRATION PROCEDURE

Petition for Administration.
Publish Notice to Creditors and serve of Administration on all interested parties.
Locate witnesses if will is not self-proving.
File inventory and appraisal of assets.

ASSEMBLING OF ASSETS

Arrange for management and collection of rents.
Collect life insurance if payable to the estate.
Arrange for supervision of the decedent's business.
Get custody of securities.
Collect income, liquidate loans and adjust portfolio.
Inspect real estate.
Check leases, mortgages, taxes, insurance.
Safeguard jewelry, heirlooms, automobiles, art, and other valuables.
Find out if decedent had property in other states or interest in trusts, insurance benefits, royalties, or other assets of value.
Investigate and collect Social Security benefits and veterans or fraternal benefits.

PAYMENT OF CLAIMS

Pay or object to all claims within the claim limitation period.

PAYMENT OF TAXES

File IRS Notice, select tax year, prepare and pay Fiduciary Income Taxes.
Prepare Federal Estate Tax Return, if required.
Pay Federal Estate Taxes, if due.
Pay credit against the Federal Estate for any tax due to the State of Florida.
Pay any State Intangible Personal Property Taxes due.

See that Decedent's final income tax return is prepared and taxes paid. Check records for possible overpayments by deceased in prior years. Defend against improper assessments.

If the decedent's assets are not reportable for Federal Estate Tax purposes, an affidavit must be executed and recorded in the public records of each county where the individual owns property indicating that the assets are not subject to estate taxes. The person who signs that affidavit should be the personal representative.

If the decedent's estate was reportable for Federal Estate Tax purposes, a copy of the Federal Estate Tax Return must be filed with the Florida Department of Revenue for determination of the tax due to the state of Florida. This office would contact the Florida Department of Revenue. The tax due to Florida is based upon the credit for state death taxes granted by the Internal Revenue Code as the value of the Florida asset relates to the total value of assets reportable for federal estate tax purposes.

ACCOUNTING PROCEDURE

Distribute timely statements or a final accounting to all interested parties covering all principal and income receipts and disbursements.

DISTRIBUTION OF ASSETS

Remit specific devises.
Obtain final receipt and release from distributees.
Set up trust funds created by Will, or pour assets over to existing trust fund.
Determine that charitable distributees qualify under the Internal Revenue Code.

FILE FINAL ACCOUNTING AND PETITION FOR DISTRIBUTION AND DISCHARGE WITH PROBATE COURT.

CAVEAT: The above is the author's summary. None of these matters should be undertaken without advice and counsel of an experienced attorney licensed to practice law in the State of Florida.

Click for a PRINT friendly version