In your Will, you will need to name a person or institution, called an executor, to manage your estate when you pass away. Choosing the right Executor is crucial to making sure your wishes are carried out. The choice is important because being a executor can be a difficult job. An Executor may have to file your Will and/or probate your estate, collect and sell your assets, make proper investments, pay bills and expenses, keep accounts, prepare tax returns, and distribute the balance of your estate to the beneficiaries named in your will. The executor must be legally competent, meaning he or she is over 18 years of age and is capable of managing his or her own affairs. In NY, the executor must also be a US Citizen or NY resident. The main consideration when selecting a executor is picking someone who is trustworthy. The executor has a duty to manage the estate, and is supposed to act in the estate’s best interest.. The executor does not need legal or financial expertise, but he or she must have good judgment. You should not chose a person who may have conflicts of interests with your estate.
You should also consider the age and health of the person who you chose as executor. Your choice of executor should be someone who will likely survive you and is likely to be healthy. In addition, you should also nominate an alternate executor in your will in case the primary executor is deceased or unavailable. In most cases, the Executor is a trusted family member, such as a child or loved one. If you don’t know anyone who meets these qualifications, you can look into nominating an independent/professional person to be executor . This can be an individual or an institution with no beneficial interest in your estate. Some examples include: a bank or trust company, an accountant or an attorney. In addition to being independent, a professional executor will usually have experience and expertise in managing estates. If you aren’t fully comfortable with having an independent/professional manage the estate, it may be possible to choose a family member and a professional executor as co-executors. Whomever you choose as executor, it is important to revaluate your choice every few years. The person who is right today may not be right tomorrow. Your attorney can help you determine who is the best executor for you.
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