A personal representative administers a decedent’s probate estate. Some of their duties include securing, valuing and managing the estate’s assets, communicating with beneficiaries and interested parties, paying debts and taxes, distributing assets to beneficiaries and closing the estate.
If you are estate planning, you should name a party who can perform these duties competently. You can name a person, bank or trust company.
If you nominate an individual, the judge who will be in charge of your estate’s administration will appoint them when the time comes. To be appointed, your chosen party must be:
Above 18 years
A minor cannot be appointed as a personal representative in Florida since they lack the legal capacity to be bound by or held liable for fiduciary contracts.
Mentally and physically capable to perform duties
A personal representative must be mentally and physically able to perform the required duties to be appointed. And such capacity must continue throughout the administration. If an appointed personal representative becomes physically or mentally incapacitated while administering the estate, the court can remove them from the role.
A Florida resident or a close relative of the deceased
Florida requires personal representatives to be legal residents of the state. An out-of-state nominated party can only be appointed if they are a spouse, sibling, parent, child or other close relative of the decedent.
Free of felony convictions
An individual who has been convicted of a felony cannot be appointed as a personal representative in Florida.
Are there restrictions for banks and trust companies?
A trust company or bank is entitled to act as a personal representative if it’s authorized and qualified to exercise fiduciary powers in Florida.
When estate planning, you need to confirm that the party you want to name as your estate’s personal representative will be appointed by the court. Learn more to make an informed decision.