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Can a Florida Beneficiary Also Be a Personal Representative of a Will?
A Personal Representative (Executor) of a Will can be a beneficiary. It is a common arrangement for people to sit by close family members or friends on both sides, given the convenience of asking each other to be their MC and bridesmaid. In this case, there are many perspectives to look at,
Legal Framework
Florida, and many other states including Arizona are examples of not having a constraint in place by law with personal representatives being able to inherit from the estates they oversee. This duality is commonly perceived as beneficial – particularly when the decedent’s personal representative is a spouse or close relative.
Responsibilities and Duties
A personal representative has fiduciary duties and must act in the best interests of all beneficiaries. This refers to the controlling of assets of an estate, paying debts and the distribution of monies according to the will. Wanting to keep the gift can serve as an incentive for moving things along, but it also takes a very careful tightrope walk to avoid conflicts of interest.
(Any Potential) Conflicts of Interest
This dual role can create conflicts particularly when the PR places their own interests above others when it comes to being beneficiary. Personal representatives who are also beneficiaries should consider consulting with a lawyer to avoid breaching their fiduciary duties. Others — and thus the decision process — depend on transparency in making decisions.
Summary: Being a beneficiary does not conflict with being appointed as executor — however both roles need to seriously consider the legal and ethical responsibilities of an executor in order be managed properly.
