Florida Probate Statute 733.5035: Surrender of Assets After Resignation
In Florida, a personal representative is the individual or company that is appointed by a probate court judge to manage the tasks required to settle a decedent’s estate and eventually transfer ownership of the assets in the decedent’s estate to the appropriate beneficiaries or heirs. There is a process for appointing a personal representative that involves petitioning the court, and the court making sure that the petitioner is qualified. Unfortunately, there are instances in which the personal representative must resign his (or her) position before the probate proceeding is over. If this happens, there are procedures that must be followed. If you would like to learn more about the rules related to the resignation of a personal representative, including the requirements of Florida Statutes, section 733.5035, Surrender of assets after resignation, contact an experienced Fort Lauderdale estate administration lawyer at the Law Offices of Stephen Bilkis & Associates.Duties of a Florida Personal Representative
Once the personal representative has been appointed, he or she must go about the business of settling the decedent’s estate includes. The personal representative must first take control of the estate assets and secure them. He or she must them inventory them, appraise them, and file the inventory with the Probate Court. Next the personal representative must pay debts. This includes debts the decedent had at the time of his or her death as well as bills associated with the management of the estate. Finally, the once estate debts are paid, the personal representative must distribute the assets to the beneficiaries named in the will according to the terms of the will. As an experienced Fort Lauderdale estate administration lawyer will explain, if the decedent did not leave a will, then estate assets are to be distributed to the decedent’s heirs based on Florida’s intestacy rules .Resignation
Managing an estate can be a rigorous job. As a result a personal representative may find that he does not have the ability or desire to continue with the responsibilities. If the personal representative wants to resign, he must file a petition and submit it to the probate court. No notice is necessary. Upon accepting the resignation of a personal representative the court will revoke his letters of administration, legally ending his authority to act on behalf of the estate.
According to Florida Statutes, section 733.5035, Surrender of assets after resignation, a resigning personal representative must turn over estate property to the successor fiduciary. The probate court may establish the conditions and specify the assets and records, if any, that the resigning personal representative may retain until the final accounting of the resigning personal representative has been approved. If you have questions about the responsibilities of a former representative, contact an experienced estate administration lawyer in Fort Lauderdale.Related Statutory Provisions
- Resignation of personal representative: § 733.502, Fla. Stat.
- Appointment of successor upon resignation: § 733.503, Fla. Stat.
- Accounting and discharge following resignation: § 733.5036, Fla. Stat.
When the resignation has been accepted by the court, all estate assets, records, documents, papers, and other property of or concerning the estate in the resigning personal representative's possession or control shall immediately be surrendered to the successor fiduciary. The court may establish the conditions and specify the assets and records, if any, that the resigning personal representative may retain until the final accounting of the resigning personal representative has been approved.Contact the Law Offices of Stephen Bilkis & Associates
When a personal representative resigns, it is important that he (or she) follows the rules related to the resignation of a personal representative, including the requirements of Florida Statutes, section 733.5035- Surrender of assets after resignation. The experienced estate administration attorney serving Fort Lauderdale at the Law Offices of Stephen Bilkis & Associates have decades of experience representing clients in matters related to the personal representative, probate, and estate administration and understand the rules of Florida estate law. Contact us attorneys at 561-710-4000 to schedule a free, no obligation consultation regarding your case.