Appointing an executor is a vital part of the estate planning process. There are many responsibilities that an executor has, so it is important to understand them before you choose. It is in your best interest to reach out to our firm today to discuss this process with a skilled New York estate planning attorney.
What is an executor?
In the state of New York, an executor has the authority to handle and distribute your estate in the event of your passing. In most cases, if you are building your estate plan, you will need to select an executor.
What are the responsibilities of an executor?
Usually, if you are appointed as an executor, it is an honor because it means that the person that chose you has a lot of trust in you maintaining their assets and estate responsibilities. The executor of an estate will be accountable for the finances of the estate. This includes taking care of any taxes or overdue bills. One of the most vital roles this person will have is distributing assets to the beneficiaries. Executors will also handle disputes in the event that a beneficiary contests the will.
Do not hesitate to reach out to our experienced estate planning attorneys to learn more about this role. Our legal team is prepared to help you navigate through this process.
What will happen if no one wants to be an executor for my estate?
Sometimes, an individual who was once appointed as an executor decides that they are too overwhelmed with the tasks of handling an estate and all of the weight that it carries. In other instances, an individual might accept the role without really knowing what it involves, and decide to back out. If this happens, courts will not force that person to continue this role if he or she doesn’t want to. An estate plan allows for a backup executor to obtain the role in the event that this occurs. If no one wants to take the role, the court will appoint an individual suitable for the job. It is also important to note that an executor can be removed from the position if he or she is not properly adhering to the duties or is engaging in fraudulent activity.
If you are crafting your estate plan, you will need to choose a trusted individual to become your executor. If you have questions or concerns about how this process works, or what you should do in the event that you do not have an executor to appoint, contact our firm today to learn more.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.