You may be assured that your loved one trusts you enough with your estate’s assets upon their unfortunate death. However, trust is a characteristic similarly seen in individuals who take on the executor role and the beneficiary of a Last Will and Testament. With this in mind, you may be curious as to which designation your loved one will give you if any at all. Well, before you begin deeply speculating, please follow along to find out whether you are allowed to be an executor, a beneficiary, or both and how a proficient Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC can help you determine your roles and responsibilities for each one.

Under what conditions am I allowed to be an executor of a will?

While still an important quality, it takes more than just being a trustworthy person to be able to serve as the executor of your loved one’s Last Will and Testament. Per New York State’s estate laws, you must also meet the following mandatory criteria:

  • You must be at least 18 years of age at the time of your loved one’s unfortunate passing.
  • You must be deemed of sound mind at the time of your loved one’s unfortunate passing.
  • You must not have any felony convictions disclosed on your permanent criminal record.
  • You must be a United States citizen or have resident status and live in New York State.

It is also worth mentioning that the New York State Surrogate’s Court may use its discretion to remove you from this position and appoint another individual on the decedent’s behalf. This is if they find you to have a history of substance abuse, bankruptcy or other forms of financial mismanagement, misdemeanor offenses of fraudulent crimes, or otherwise.

Can I be the executor of a will if I am its sole beneficiary?

Notably, no part of New York State’s estate laws prohibits the executor of a Last Will and Testament to also sit as its designated beneficiary. This is even the case if you are named the sole beneficiary.

With this, though, you must have a ton of self-regulation. That is, before you give yourself this significant inheritance, you must use these estate assets to pay off your loved one’s outstanding debts. And if your loved one left behind a significant amount of debt, this may mean liquidating certain assets that you may have held sentimental value towards. For example, selling the house you grew up in, the favorite pieces of jewelry your loved one always wore, or otherwise.

If you are ready to make your executor and beneficiary assignments, please first retain the services of a talented estate planning attorney in Putnam County. Our team at the Law Office of Andres D. Gil, PLLC is ready and able to take on your case.