• 09
  • January
    2012

When drafting a will, most people put a lot of thought into how they want to divide their assets. Just as important, though, is the choice of who will be responsible for administering the estate.

Most Florida wills name a "personal representative" - known in other jurisdictions an executor or executrix - to manage the affairs of the estate. The personal representative is responsible for, among other things, gathering and protecting the deceased person's assets, handling tax responsibilities and distributing the estate in accordance with Florida law and the terms of the will.

Usually, Florida will drafters name a relative or trusted financial professional as the personal representative. It's important to make this choice wisely to ensure your wishes are carried out. Bad personal representatives can create massive problems and can stop a person's final wishes from coming true.

Bad Representatives Sunk Copper Heiress' Dream

A striking example of the need to choose a responsible personal representative when drafting a will is playing out in the New York courts.

Copper heiress Huguette Clark's will appointed her longtime attorney and accountant as personal representatives. The two were tasked with turning the heiress' former home into a museum for her extensive art collection.

Now, that wish may not come true. The two executors are accused of filing false tax returns, charging the estate for work they never performed and making false statements to the IRS. In addition, it is alleged that their dishonesty and waste caused the estate to lose more than $50 million.

A New York judge stripped the pair of their duties, and they may be facing criminal charges for tax fraud.

Sadly, as a result of the personal representatives' mismanagement, Ms. Clark's dream may never come true.

Source: Los Angeles Times, "Pair Suspended as Executors of Copper Heiress' Estate," Steve Chawkins, Dec. 24, 2011