Acting as an executor of a Miami Estate involves many different responsibilities. The main duty is to manage the decedent’s assets. Assets may include financial accounts, such as stocks and bonds, a business owned by the decedent, real estate, art work and other collectibles, antiques, vehicles, boat or other vessel. Part of the responsibilities of managing an estate also includes compiling a list of assets, making an inventory and preparing accountings, reviewing and paying claims, paying the decedent’s funeral expenses, burial costs and bills. Another duty is managing the decedent’s real estate and collecting rents.
The executor is also expected to communicate with the beneficiaries and to respond to any requests by them to provide them with accountings and other financial information as well as discussing financial decisions such as selling the decedent’s home or other real estate or assets to pay bills when there is not enough cash available.
Obtaining the Assistance of Professionals
Since most people are not familiar with Florida probate and estate laws or federal estate tax requirements, it is usually necessary for the executor to hire an experienced and knowledgeable Miami probate and estate attorney to help with the estate administration. The Miami estate attorney can prepare court documents, attend court hearings, making sure probate and tax deadlines are met and assist with settling claims and disputes against the estate as well as disputes among the beneficiaries or the beneficiaries and the executor.
The attorney can also help with real estate closings if the decedent’s property needs to be sold. Frequently, the attorney is also asked by the executor to recommend other professionals that may be required to help the executor with administrative duties such as a property management company, CPA, accountant, property or art appraiser and real estate broker. A Miami estate attorney can also prepare and file the estate tax return making sure all filing deadlines are met.
Winding Up and Closing the Estate
Once all the claim and bills have been paid and the estate taxes have been filed and paid, the executor has the responsibility of distributing the assets in accordance with the instructions in the decedent’s will to the decedent’s beneficiaries and to close out the estate. The average Miami estate takes about 9 months to wind up, but the process could take longer depending on the size of the estate and whether there are any litigation matters or other pending matters that require more time to resolve.
Taking on the responsibility of an executor of a Miami estate is an important duty because the decedent’s heirs and beneficiaries are relying on your abilities and judgment to make sure that the decedent’s wishes are carried out so they can receive their entitled inheritances.
If you wish to speak to a Miami estate attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.