Managing an estate is a complicated and time-consuming responsibility, especially for the executor of an estate. An executor is named in the will and tasked with managing the deceased’s affairs, protecting their assets, and guiding the estate through probate. In Florida, this person is known as the personal representative, but the responsibilities are the same. Personal representatives can be helped in their role by the estate planning experts at The Millman Law Group. Aaron D. Millman, Esq., CPA, founded The Millman Law Group to provide patient and knowledgeable legal services. We understand how the details of every estate differ, so we work to help our clients understand the role of executor. If you are named an executor of estate in Delray Beach, reach out to The Millman Law Group to discover how we can help you manage the estate effectively.
The Duties of an Estate Executor
The executor of estate in Delray Beach is responsible for carrying out the terms of a will. This means that they help guide an estate through probate and care for any assets left behind by the decedent. A personal representative is named in a will and can turn down the job. However, once a person becomes an executor, they have a legal duty to follow the terms of the will. An executor has many responsibilities, including:
- Filing the will
- Notifying beneficiaries of the will, family and blood relatives, guardians, insurance companies, banks and credit unions, the Social Security Administration, creditors, Medicare, Department of Veterans Affairs, and the USPS
- Guiding the estate through probate
- Finding and managing assets
- Opening a bank account to pay for daily expenses related to probate
- Paying debts and taxes, and potentially filing an income tax return for the decedent
- Potentially preparing an estate tax return
- Distributing assets to beneficiaries
The Advantages of Hiring an Estate Lawyer
The executor of estate in Delray Beach must work with an estate lawyer to close out the estate. This partnership helps the personal representative avoid managing all of these responsibilities alone. The estate attorney provides guidance in the technical and procedural aspects of the process, advises the executor on the tax filings needed, and ensures that all duties are fulfilled. Besides helping you save time and money, your lawyer can:
- Determine which tax returns are required
- Draft necessary legal documents
- Ensure that inventories and reports are properly filed
- Keep the executor informed of deadlines and requirements
- Suggest experts when necessary
- File the executor’s reports with the court
- Provide advice on tax consequences and other costs associated with methods of distribution
- Ensure that the estate is closed correctly and that all debts are paid, tax returns filed, and assets distributed
At The Millman Law Group, we offer free consultations to help you determine whether our services are suitable for your situation. Contact us now to learn more about the role of an executor of estate in Delray Beach.
Executor of Estate in Delray Beach? Contact The Millman Law Group For Assistance
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.