While it is known that developing a Florida estate plan is an important step to take, many decide to put this off later in life. Even when individuals and families take the time to put an estate plan in place, they may not be fully aware of the roles this plan can play, what happens after they pass or the importance of continually updating one’s estate plan throughout their life. By keeping an estate plan current, this can help ensure that the administration of the estate matches the wishes of the individual.
What does an executor do? To begin, an executor’s role should be understood. This is the person named in an individual’s last will and testament to administer one’s estate plan. In other words, they are responsible for making sure the wishes of the testator are met with regards to the disposition of their property and assets.
An executor is afforded the responsibility of paying off debts, ensuring that the creditors of the deceased are paid off. Then, with the remaining assets and property, distribute them according to the terms outlined in the testator’s will.
A testator has a fiduciary duty, which means that they must act in good faith with regards to following the will. The duties of an executor must be completed with the utmost honesty and diligence.
Wrapping up the affairs of the deceased could result in profits occurring when real property or possession are sold. It should be noted that an executor is not entitled to any of these proceeds. But, an executor is entitled to a certain fee, which is to be used as compensation for the work put forth in the administration of the will. Those dealing with issues related to an estate plan or its administration should take the time to become informed of their situation.