One of the most important reasons to make a will is to name your executor — commonly called a “personal representative” in Florida. After your death, your executor’s primary job is to protect your property until any debts and taxes have been paid, and then transfer what’s left to those who are entitled to it.
Who is best to be an executor of a will?
If there’s someone in your family who you think will handle the job well, it can be a good idea to have them as an executor. For example, it’s common to name one of your children, a niece or nephew or an adult grandchild.
Does an executor get paid?
This fee may be negotiable but don’t underestimate the amount of work that is required to wind-up most estates. Executor fees are charged on the gross value of the deceased estate’s assets which includes all property that the individual had, or was due to him, at his death.
Can the executor of a will also be a beneficiary?
An Executor can actually be a Beneficiary of a Will and in reality often the main Beneficiary of the Estate is also one of the Executors. An Executor is the legal term referring to a person named in the Will who will have the responsibility of carrying out the terms of the Will and administration of the Estate.
How does a will work after death?
To begin, the executor will pay off the debts, if any, linked to the person who has died, as well as any tax due. This includes inheritance tax, estate tax and income tax. After the debts and taxes, you can distribute the assets according to the Will.
Ben Winter, P.A. focuses its practice in the areas of business law, real estate law, Social Security Disability and Workers Compensation in St Petersburg, Florida. For more information, go to our web site www.benwinterlaw.com or call (727) 822-0100.