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Who Should be Named Executor of your Will?
A New York Probate Lawyer will advise you that the most important consideration is that you pick someone who is financially responsible and trust worthy.
The law requires an Executor because someone must be responsible for collecting the assets of the estate, protecting the estate property, preparing an inventory of the property, paying valid claims against the estate (including taxes), representing the estate in claims against others, and, ultimately, distributing the estate property to the beneficiaries.
When selecting an Executor you should thoughtfully consider family dynamics and the financial sophistication of the people you are considering for the role. Often, the surviving spouse is a good choice, but not if he or she lacks experience in financial decision making.
In cases where the surviving spouse may not be able to handle the job alone, a Co-executor such as an adult child or sibling, or an estate professional such as a bank or trust company, or an attorney familiar with your affairs could be named.
The best Executor will be one that will be able to understand the interests of the estate as a whole.
No one likes to think about estate planning.
That's why many families are caught off guard and vulnerable when incapacity or death occurs.
Don’t wait. The best time to plan your estate is now. Call: 212-843-4059