Our Skilled Estate Planning Lawyers Discuss What’s Important When Choosing an Estate Executor
An estate executor is involved in every stage of estate administration. They will file the initial petition to open probate, and they are responsible for inventorying, managing, and distributing your estate assets. It is a position often given to close relatives, and it’s one that can be as time-consuming and stressful as it is rewarding.
Even if you have a candidate in mind, you should think through your decision carefully. Here, the experienced estate planning lawyers at Landskind & Ricaforte Law Group, P.C. discuss how to choose an executor and how we can help you ensure your legacy.
The Role of an Estate Executor
Your executor is the person you nominate to represent your estate during probate. Executors play a critical role in the estate administration process. Sometimes referred to as “personal representatives,” executors have a wide range of responsibilities. These include, but are not limited to, the following:
- Delivering a copy of your last will and testament to the right surrogate’s court
- Initiating probate and sending notice to family members, heirs, and creditors
- Collecting, inventorying, and managing your estate assets
- Paying creditor claims and resolving disputes among heirs
- Distributing inheritances
Since the role of the executor is so central to administration, every estate that passes through probate must have a personal representative. If you don’t nominate an executor in your will, the court will most likely appoint one on your estate’s behalf. Depending on your family characteristics and the sensitivity of your estate, leaving the choice to a New York City court could lead to conflict.
Choosing the Right Executor
Estate administration is a process that can very quickly become contentious and/or complicated. Your executor should be someone you trust and someone who can remain level-headed if there are family disputes during probate. If you’re not sure where to start, make a list of potential people you believe could handle the job. You may want to consider the following when deciding on an executor:
Are They Trustworthy
Your executor will have a “fiduciary relationship” with your estate. Every fiduciary relationship is predicated on trust. If you appoint somebody to realize your last wishes, you expect them to act in the estate’s best interests—even if those interests conflict with their own ideas or make for difficult conversation.
In New York, executors who violate their fiduciary duties can be held liable for any resulting losses. So, appointing someone you trust minimizes the risk to your estate and the risk to the executor.
To protect your estate from the unexpected, nominate a backup executor. Your first choice might be the perfect candidate, but you should always account for the unexpected. Plans change, people pass away, and new circumstances sometimes take close friends and relatives to different cities and states. In 10 years, your executor may no longer be in a position to fulfill their duties.
Are They Available
If you live and own property in New York, your estate will most likely be administered by a New York surrogate’s court. Since executors will be required to attend in-person hearings, your representative should be somebody who lives nearby and has the time and resources needed to oversee legal formalities in New York.
Are They Experienced
Your executor doesn’t have to be a lawyer or a financial expert, but they should have, at minimum, a basic understanding of New York’s probate procedures. Estate administration is a very time-sensitive process, and even minor delays can end up costing the estate significant amounts of money. This can mean that heirs lose out on a part of their inheritance.
Are They Able to Communicate
Executors represent the interests of the estate, even when its terms are contested or its solvency appears uncertain. Good executors have to vet creditor claims, and they are very often called to act as mediators in disputes between estate beneficiaries.
If an executor doesn’t have what it takes to keep their cool and facilitate a healthy dialog, disputes are much more likely to turn into lawsuits.