You Need a Personal Representative for Naples Probate
Choosing who will serve as your personal representative is one of the first steps when creating a Naples estate plan. James R. Nici is a Naples probate lawyer who will answer any questions you have about personal representatives. He can also serve as a personal representative.
What is a Personal Representative in Naples?
A personal representative is the individual, bank, or trust company appointed by the Florida probate court to oversee the administration of the decedent’s estate. This individual is sometimes referred to as the “executor” or “administrator.” Every estate must have a personal representative in Naples. You can name who you want to serve as your personal representative in your last will and testament.
What Does a Personal Representative Do in Naples?
Your personal representative plays a critical role in administrating your estate after you pass away. The primary responsibilities of a personal representative in Naples are listed below.
1. File your will with the Naples probate court. Within ten days of receiving notice that the decedent died, the personal representative must file the will with the Collier County Clerk.
2. Send notice. The personal representative must file a Notice to Creditors and serve a Notice of Administration to all interested parties.
3. Prepare an inventory of your assets. The personal representative must prepare a list of the decedent’s property and its value. They may be required to get appraisals of real estate and personal property to complete this task.
4. Manage the probate property. While the decedent’s property remains in probate, it must be managed by the personal representative.
5. Pay creditors. The personal representative must pay any outstanding creditor claims.
6. File taxes. The personal representative must file a final individual income tax return. If the estate is valued over $12.92 million, they must also file a federal estate tax return.
7. Distribute property to beneficiaries. The personal representative oversees distributing the probate assets to the beneficiaries according to the terms of the will. If there is no will, the personal representative must distribute the property according to Florida’s intestate laws.
8. File a final accounting with the Naples probate court. The final responsibility of the personal representative is to prepare a final accounting listing of the financial changes to the estate since the initial inventory.
Who Can I Select As My Personal Representative in Naples?
Florida has four requirements for personal representatives.
1. The individual must be at least 18 years of age.
2. The individual must be a resident of Florida.
3. The individual must be mentally and physically capable of performing the duties of a personal representative.
4. The individual cannot be a convicted felon.
Appointing a qualified, responsible, and honest individual as your personal representative is critical. Common choices include a spouse, adult child, or close friend. You can also name an attorney, and accountant, a trust company or a bank’s trust department. James Nici can help you help you make this important decision as well as serve as your named personal representative.
Call A Naples Estate Planning Lawyer James Nici
If you have questions about personal representatives, wills, trusts, or any aspect of estate planning, contact the Nici Law Firm. James R. Nici is an experienced Naples estate planning lawyer with almost 30 years of experience. He is very familiar with probate and estate administration. Contact our office today at (239) 449-6150 or use our web form to message us or inquire about setting a free consultation.