Your executor arguably takes on the most important roles in your estate administration. This is because, upon your unfortunate passing, they are tasked with gathering your assets and distributing them to your designated beneficiaries in the specific way you disclosed in your last will and testament. For this reason alone, deciphering who is most capable of assuming this position must not be taken lightly. Follow along to find out who is qualified to be your executor and how a proficient Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC can help you make the right considerations.
Who is qualified to be the executor of my will in New York State?
Unlike most states, New York law does not require your appointed executor to live within its state’s borders. However, restrictions may be held elsewhere. Without further ado, when considering a certain individual to be your executor, you must ensure that they meet the following qualifications:
- Your prospective executor must be of sound mind.
- Your prospective executor must be at least 18 years of age.
- Your prospective executor must be clear of a criminal record.
- Your prospective executor must not exhibit any behavior the probate court rejects (i.e., must not have a substance abuse issue).
- Your prospective executor must not have a language barrier with the probate court (i.e., must have the ability to read/write in English).
What other considerations should I make before choosing an executor?
Most importantly, your prospective executor should be an individual whom you trust to undoubtedly work in your best interest. But this should not necessarily be the end-all-be-all deciding factor. For one, you must confirm that your prospective executor is willing to take on this weighty responsibility in the first place. Better yet, you must ask them if they prefer to share this workload with a coexecutor.
In addition, you must discuss with your prospective executor whether they expect to be compensated for their services. For example, they may request that you grant them five percent of your estate. With this, you must consider how inclined you would be to take a portion of your estate away from your designated beneficiaries so that you may pay your executor.
With all things considered, we recommend that you make a shortlist of individuals who you can realistically see filling this position. Then, we encourage you to have open and honest conversations with every individual on this shortlist. This may avoid a disaster for your loved ones down the line. That is, should your appointed executor ultimately reject the appointment or otherwise manage it poorly.
So even if you are only considering drafting your will, you must first consult a talented Putnam County estate planning attorney from the Law Office of Andres D. Gil, PLLC. Contact our firm today.