Law Office of Mary Alice Gwynn, PA
Asset Distribution a Touchy Part of Estate Administration
Asset distribution is an important part of closing a Florida estate. However, there is a time for making such distributions, and it typically takes place at the end of the estate administration process. Of course, surviving loved ones who have had their eyes on certain items or who have been bequeathed items may try to get those assets sooner.
The executor of the estate is in charge of distributing assets to the rightful beneficiaries. This person also has an obligation to complete the steps of probate in the correct order. Early distributions of assets could result in the estate not having enough assets to cover creditor claims or taxes that the estate must address. In this type of scenario, the executor could wind up on the hook of having to cover those liabilities out of pocket.
Additionally, some people may want certain items that the deceased intended for someone else. Despite a person's protests, the executor has the obligation of following the instructions left in the will. Of course, this situation may lead to probate litigation if an individual feels the need to fight for certain property or otherwise contest the will, and the executor would have the responsibility of handling such litigation for the estate.
The role of executor should not be taken lightly. The estate administration process deals with a significant number of tasks, and those tasks could easily be hindered by other people. It is often wise for Florida residents who have taken on this role to obtain legal assistance throughout the process from knowledgeable attorneys.