A personal representative (also known as an executor), is the person or institution responsible for managing the administration of a deceased person’s estate. The personal representative is either nominated in a will but has no authority to act as personal representative until formally appointed by a court. If the deceased person had no will, a personal representative can be appointed by the court.
In addition to an individual, a bank, trust company, or other institution can serve. Personal representatives are responsible for making sure the deceased person’s wishes are carried out, that legitimate debts and expenses are paid, and that the estate is properly wrapped up. A personal representative’s duties include applying for probate, paying taxes and bills, managing the deceased person’s property, distributing assets to the estate’s beneficiaries, and filing a final accounting with the court. In Florida, a person is required to hire an attorney to assist you with the formal probate of a decedent’s estate. Other types of probate in Florida may be undertaken without hiring an attorney; however, you may be personally liable if something goes wrong with the estate or the payment of taxes. A probate attorney can help you make sure all the proper steps are taken and deadlines met.
The amount of time involved in being a personal representative varies with the size of the estate, but the duties involved need to be taken very seriously. Also, the personal representative is entitled to compensation, subject to approval by the court.