Clients often face the dilemma of selecting just one Trustee or Personal Representative. Usually, this is a difficult decision because they don’t want to hurt any of their children’s or loved one’s feelings. However, having multiple Trustees and Personal Representatives can be costly and problematic for several reasons. First, the focus should be on who is qualified and who is capable of handling the responsibilities of these roles. Florida law has several requirements to serve in this role as well as legal duties for each. This person will also be responsible for handling your affairs, including your taxes. A Trustee may be responsible for your affairs and even your care if you should become incapacitated or unable to make these decisions for yourself. Second, under Florida law, if there are multiple individuals or corporations serving in this role, they are required to act together. Requiring several entities to agree on EVERYTHING, especially in emotionally heightened circumstances can take time, or may not occur at all. Third, the logistics of mail, notice, and the requirements for legal documents to have “wet” signatures can be costly. Speak with your attorney to identify your best options for your Trustees and Personal Representatives.
-Emily A. Helmick, Esq.