Is Palm Beach Probate Angels & Demons ?
Some people find the probate process stressful or frustrating. Many times, that’s because family members or heirs, let alone estate beneficiaries, are not that knowledgeable about how an estate is administered. It’s not uncommon that family members don’t know how a probate administration works. And, admittedly, many beneficiaries of estates and revocable trusts are a bit dis-trustful, even suspicious.
So if you are the personal representative of an estate or a the trustee of a trust, maybe a relative’s revocable trust, here are few things to keep in mind when dealing with beneficiaries:
- You have a fiduciary duty to beneficiaries.
- You are supposed to look out for the estate beneficiaries and property their interest in the Palm Beach estate or trust. Q: Are you supposed to be an angel ? (you ask…) A: Well……….
- Personal representatives and trustees are required to provide information. …like where the money is and how it’s being managed or mis-managed.
- You can’t do things in secret or play hide the ball.
- You have to disclose information, including what you are doing, how much you have paid yourself in trustee fees or executor fees (sometimes referred to as personal representative fees, or, in other states, “commissions.”)
- Get good help. Find an experienced Palm Beach probate lawyer to assist you. The estate or the trust will pay for him or her.
In the end, the Florida Probate Code may not expect a personal representative to be an angel, but if you get demon-like, you are going to run into a lot of trouble and a lot of $$. Be right, or be gone.