As you are working on your estate planning, you will have to make a decision regarding who will be the executor of your will. At Luis E. Barreto & Associates, P.A., we know how serious the responsibility is. Our goal is to help ensure you make the right decision so the transfer or distribution of your assets runs smoothly.

The executor of a will is in charge of a number of tasks, including the following:

  •        Paying any debts or taxes owed by the estate
  •        Distributing assets as your will has outlined
  •        Maintaining any assets, such as the upkeep of a house, until the estate has been settled
  •        Going to court on behalf of the estate

The Florida statute regarding the administration of estates outlines who may and may not serve as the executor of your will. First, the executor must be 18 years or older and must be both physically and mentally able to perform the job. Florida does not permit anyone convicted of a felony to serve as an executor. It is possible to name a corporation as an executor, such as a trust company or a bank. However, the institution must be authorized in the state to do so.

The American Bar Association suggests naming someone you trust. Having a financial background is not necessary, though it is a bonus. Many people appoint their spouses as executors, as the spouse is the person who will likely be most affected by the outcome of the process. No matter whom you choose, it is imperative to let the person know and make sure he or she is willing to do the job.

To learn more about estate planning, please visit our page on wills and asset protection.

Luis E. Barreto