It depends on your family members and friends. Do they have the knowledge, the time, are they capable of handling any family disputes? The job of executor can be time-consuming and difficult. That is why you need to think twice before you make that decision in your Will.
An executor is usually a family member or friend who will administer your estate and distribute your assets to your beneficiaries pursuant to your Will. However, you can also choose to name a professional executor (such as an attorney, bank or accountant), either individually or to serve as a co-executor with a family member or friend. In addition to easing the burden on family and friends, a professional executor can expedite the process by anticipating potential
problems that may not be apparent to a family member or friend.
Notwithstanding, an executor should always seek the expertise of an estate attorney to provide professional guidance during the settlement of an estate.
What Happens if I Don’t Name an Executor?
If you do not name an executor, or if the person that you name in your Will is unable or unwilling to serve, the court will appoint someone based upon New York law. This may result in someone being executor that you would not have wanted.
What Are the Responsibilities of An Executor?
- Preserving, Protecting, Collecting and Valuing estate assets.
- Preparing and filing appropriate court documents.
- Resolving any family disputes.
- Paying debts and administration expenses.
- Setting up trusts under the Will.
- Accounting for income and expenses to the beneficiaries.
- Distributing assets to the beneficiaries pursuant to the Will.
- Preparing and filing tax returns and arranging for tax payments:
- Final Federal and New York Individual Income Tax Returns.
- Federal and New York Estate Tax Returns.
- Federal and New York Estate Fiduciary Income Tax Returns.
How We Can Help You
Our estate attorneys will guide you through the estate administration process and make sure you understand the overall strategy, every step of the way, and the cost.
We will:
- GO to court to represent you as executor.
- ADVISE you of your duties and answer your questions.
- PREPARE and FILE appropriate documents at Surrogate’s Court.
- PREPARE and FILE appropriate tax returns and arrange for tax payments to be made timely.
- ENSURE that the estate assets are distributed properly.
- RESOLVE any family disputes.
- ANALYZE how to minimize individual income, fiduciary income and estate taxes.
- IMPLEMENT estate planning for beneficiaries, especially family members such as a surviving spouse and adult children.