Who is an executor in the state of Florida?
Florida law provides a procedural and statutory guide which sets for the rights/powers and obligations of an Executor in the State of Florida. In the State of Florida, an Executor is referred to as a “Personal Representative”—this is the same as an “Executor” as the term is used in other states for all practical purposes.
Who are the beneficiaries of a trust in Florida?
Florida trust law requires that beneficiaries receive a notice of trust and that they are entitled to a copy of the trust. It will be up to the trustee to determine who the trust beneficiaries are; however, if the trust was written in legalese, you may need to consult your trust attorney. 3. Inventory Trust Assets
Do you have to be a successor trustee in Florida?
Your call of duty as a successor trustee, in legal terms (in Florida) will likely involve a Florida trust administration. This is an area of legal importance for you because, like most legal matters, it carries a risk of legal liability if important steps are missed or if actions are taken without proper care.
Who is the executor and trustee of my father’s trust?
A: As Executor or Trustee (I think you mean Trustee of your father’s Trust) your sister ultimately is responsible for handling your father’s Trust. While she can get your input, she will be responsible for making the final decisions.
Florida law provides a procedural and statutory guide which sets for the rights/powers and obligations of an Executor in the State of Florida. In the State of Florida, an Executor is referred to as a “Personal Representative”—this is the same as an “Executor” as the term is used in other states for all practical purposes.
Who are the executors and trustees of an estate?
The executor (sometimes referred to as executrix for females) is responsible for managing the affairs of and settling the estate, including initiating court procedures and filing the deceased’s final tax returns. The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for
Can a fidelity trustee serve as an executor?
There are options available to you as a trustee: You may be able to bring in a corporate trustee, like Fidelity,* to assist you in carrying out your duties. Ask a professional to help you understand your options and decide how to best proceed. For information on how Fidelity may be able to help, see Personal Trust Services .*
What are the rules for a revocable trust in Florida?
Florida law provides that a surviving spouse is entitled to a minimum portion of the decedent’s estate. This elective share is equal to 30% of the estate, including certain assets passing outside of probate. Generally, assets held in a revocable trust will be subject to the elective share.