Does A Personal Representative Have To Show Accounting To Beneficiaries?
A personal representative is required to produce an accounting to all the beneficiaries and interested parties of an estate, concerning how the personal representative managed the estate finances. The accounting process can be complex and add additional administration and professional fees. In many instances, the beneficiaries will see the added cost of a formal accounting and will only require verbal or informal accounting, outside the purview of the attorney, by agreeing to waive the requirement of a formal accounting.
Are Beneficiaries Entitled To A Copy Of The Will?
Under Florida law, all beneficiaries named in the will are entitled to a copy of the will. The custodian of the will must file the will with the probate court in the county where the decedent is located within 10 days of death or notification of death. Failure of the custodian to do so could result in the beneficiaries obtaining an order to recover attorney’s fees for their efforts to get the will filed with the court. Once the will is filed with the court, it is a matter of public record whether the beneficiary forces the filing or the law is followed without the requirement. The beneficiary, in some counties, can inquire online to obtain a copy of the will that has been deposited. The original will is kept with the court but the personal representative will need to produce a photocopy and a notice of administration to any beneficiary or interested party, along with notice of his or her rights relating to the will and challenging the will.
Once the notice of administration is received, it will trigger short deadlines and statutes of limitation for objections. If a claim is not asserted timely, then those claims are waived. If the beneficiaries do not have any reason to object to the appointment or any underlying facts of the administration, then the beneficiary can sign an agreement to consent to the probate of the will and the basic acknowledgement that he or she received a copy of the will.
How Do Personal Representatives Get Paid Or Compensated In Florida?
The compensation of a personal representative and an attorney is set forth by a formula under the Florida Statutes. The statutes layout a fee schedule for the reasonable commission for the personal representative and the legal fees for the attorney of the estate, based on the size of the estate. Typically, the funds of the estate will be used to pay these fees after the expiration of the period for which any creditor claims could be filed, and after a determination of beneficiaries is made. Part of a final accounting will include the fee for the personal representative and likely notice of total legal fees paid to date. If there is a formal accounting, the proposed compensation is identified.
In many cases, the personal representative may decide not to take the commission or compensation because it is taxable income. However, any time that the personal representative receives antagonism from outside third parties or beneficiaries, he or she will likely take this compensation for the anguish and time expense.
Is Homestead Property Exempt From Probate In Florida?
Homestead property is exempt from probate in Florida. If it’s held in solely the decedent’s name, then there is a probate order determining homestead that would need to be signed by the judge in order to sell the homestead or primary residence. The homestead property would not necessarily be exempt from probate but it is exempt from creditor claims.
For more information on Providing Accounting To Beneficiaries, an initial consultation is your next best step. Get the information and legal answers you’re seeking by calling (904) 398-6100 today.
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