As you’re planning out your estate, it’s important to choose trustworthy, qualified people to be the executor of your estate and the successor trustee to any trusts you manage. A Tampa, FL wills lawyer can help you create ironclad documents that will set all this up and give you advice on your choices for executor and trustee.
The Roles of an Executor and a Trustee
An executor is the person who steps in after your death to manage your will as it goes through the probate process. In Florida, this person is called the personal representative. They gather your assets, pay any debts and taxes, file all the necessary paperwork with the court, and distribute what remains of your estate after debts and taxes exactly as you direct in the will. Their role ends once the estate is settled.
A trustee manages assets you have placed in a trust. If you create a revocable living trust, you may serve as trustee while alive, and, after your passing, the successor trustee takes over and follows the trust instructions you have set up. This could mean continuing the trust and making investments, or it could mean making distributions to beneficiaries, and it will also involve handling taxes. A trustee may be “on duty” for many years, depending on the trust.
Your trustee can also be your executor, or you can put different people into the roles.
Essential Qualities to Look For
Honest
Obviously, honesty and integrity are the number one concerns. The people you choose will have full access to your financial accounts and personal information, so they must be totally trustworthy and ready and willing to put your wishes and your family’s needs ahead of any personal gain.
Organized
Organization matters a great deal in these roles. These jobs include keeping track of deadlines, paperwork, and every asset down to the last detail. If someone loves you and is completely trustworthy, but they are disorganized and scattered, they aren’t going to be a good choice.
Qualified
Financial responsibility helps, but the person you choose does not need to be an expert. That’s because your trustee or executor can always hire accountants or attorneys when needed. What they do need is the willingness to seek proper help and keep accurate records.
Choosing Family Members or Friends
Many people name a spouse, adult child, or close friend because these individuals already know their values and family dynamics. At the same time, family members sometimes lack the experience needed or may be unable to put aside their grief, family relationship strain, or other issues to do the job well. Sometimes it makes better sense to hire a professional.
Talk with a Tampa, FL Wills Lawyer
Choosing the right executor or trustee will give you confidence that your wishes will be followed and your family will be protected. For experienced advice and help in the context of Florida law, call the Law Office of Elizabeth Devolder in Tampa, FL today at 813-379-9839. We also serve clients in the Sarasota area.
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