Location of Assets
An executor’s first responsibility involves identifying all the assets of the deceased’s estate. According to Russell A. Winer, an attorney in St. Petersburg, assets include automobiles, stocks, bonds, bank and investment accounts, real estate, and any valuable collections such as artwork or stamps. The Bryant Law Firm advises that the most significant of these items might need appraisals. Within three months of the estate entering probate, you must file an inventory with the court detailing every asset you have identified.
Once you have accounted for all tangible assets, you must file any necessary claims to secure money that might be due to the decedent. You will need to notify the Social Security Administration of her death, as well as the Veterans Administration, if applicable; Medicare; and annuity, pension or retirement fund institutions. If any individuals owed the decedent at the time of her death, it is your responsibility to secure those payments as well. The Bryant Law Firm suggests notifying the deceased’s employer, if she had one, to make sure the estate gets any benefits she would be due, as well as any outstanding salary or wages.
Notification and Payment of Creditors
You must next issue a Notice to Creditors to everyone the decedent owed money to. In some cases, you might also have to publish the notice in a newspaper. Creditors have three months to make their claim against the estate. Once they do, you must review the claims to determine if they are valid and either pay the debt or file an objection to the debt with the court, according to Winer. You must also file and prepare tax returns for the deceased, as well as for the estate if the estate earns $600 or more during the probate process.
Distribution of Assets
Winer says that in general, beneficiaries do not receive their inheritances until after all creditors, estate expenses and taxes are paid. If assets are not sufficient to cover all the debts, expenses and taxes, spouses and children of the decedent may still be eligible for up to $18,000 in an allowance for sustenance. You will have to apply for this on their behalf. Florida Statute 732.402 also protects up to $20,000 of the decedent’s personal property, such as furniture, from liquidation to pay the estate’s creditors and you would have to ask the court for this dispensation, as well.
Once all expenses are paid, taxes are filed, and all the beneficiaries receive their bequests and allowances, you must file a Final Accounting with the court, as well as a Petition for Discharge, to be officially relieved of your duties. The Bryant Law Firm indicates that you might also have to supply the court with proof of all the payments to creditors and evidence of the distribution of assets to beneficiaries.