The fact that estate planning is important for all Florida residents is clear. However, for many who are preparing to create estate plans, the role of an estate administrator is not so clear. Due to this lack of clarity concerning the responsibilities of an administrator, many find themselves facing uncertainties when deciding whom to choose to handle their estate administration. Fortunately, information is available about the role estate administrators play, and, by gathering this information, one can make a better decision about who to appoint.
First, it is important to understand that the person administering your estate is the person who will bear the responsibility for distributing your assets according to your wishes. This person needs to be not only someone you trust but also someone who is financially responsible. The reason for this is that person will be tasked with gathering your assets, paying all valid claims that are held against the estate, such as taxes, and then distributing the remaining assets to your beneficiaries.
While this sounds simple, in many cases it is quite a complex undertaking. Those who have multiple properties, investment accounts and valuable collections leave their administrators with a complex task. In some cases, simply gathering the assets in order to complete an inventory can be a daunting task. In the most difficult cases, administrators can be required to pay claims in multiple states if the decedent owned properties in multiple localities.
Regardless of whether your estate is simple or complex, you still need a trustworthy and responsible estate administrator. If you need assistance choosing an administrator or if you do not have a family member or friend who is both willing and able to take on the role, you still have options. Many people in Florida find the assistance of an experienced professional to be invaluable during estate planning, and many also choose their estate planning attorneys to handle their estate administration.