Distributing and closing your estate can be quite a group effort. Depending on the decisions you make made prior to your death, the responsibilities of those helping you could vary significantly.
When you know who the key players are and what their responsibilities will be, you can confidently share your expectations and establish roles and responsibilities.
Representatives and beneficiaries
You will need to select someone you trust to act on your behalf in closing out your estate. According to The Florida Courts, this person will access and facilitate the distribution of your assets including the following:
- Personal bank accounts
- Life insurance policies
- Real estate assets
- Retirement accounts
The person you name as your executor will work directly with your beneficiaries. These are the people you have named as the recipients of your assets. Based on your instructions, your beneficiaries may have entitlements to a portion of your estate.
Creditors and court officials
Upon your death, any debts in your name require payment in full. It is up to your executor to contact your creditors, pay off any remaining balances and close the accounts under your name. Court officials and other legal professionals managing your case also play an important role in facilitating the closure of your estate. Once everyone involved in your estate plan has fulfilled their roles and responsibilities, a formal closure of your estate will follow.
Keeping key players informed of your intentions and expectations throughout your life can provide everyone with more confidence and clarity. This may allow people to perform their responsibilities with efficiency and accuracy to get your estate closed in a timely manner.