Creating a will involves making many critical decisions. However, one of the most important ones you will make is choosing your executor. This choice goes beyond mere formality. An executor is the person you appoint to manage your estate after your death, and they play a vital role in carrying out your final wishes efficiently and accurately.
What are their key responsibilities?
Your executor will handle several important tasks. This includes:
- Locating your original will and filing it with the local court in your county
- Obtaining official documents from the court that give them the legal authority to manage your estate
- Cataloging your entire estate, including real estate property, financial accounts, investment assets and personal possessions
- Informing your creditors about your passing and paying off any outstanding debts using funds from your estate
- Filing your final income tax return and handling any necessary estate taxes
After settling debts and taxes, your executor distributes the remaining assets according to the instructions in your will. Throughout this process, they must keep detailed records of all actions taken and submit this information to the court.
These responsibilities can be complex and may involve navigating family dynamics. That’s why it’s crucial to choose an executor who is trustworthy, capable and emotionally prepared for the job.
What happens if you don’t name an executor?
If your will doesn’t name an executor, or if the person you’ve chosen is unable or unwilling to serve, the Surrogate’s Court steps in. They will appoint an administrator to handle your estate, typically following a priority order set by New York law. This priority order is usually:
- Your surviving spouse first
- Children
- Grandchildren
- Parents
- Siblings
- Other relatives set to inherit
While this might seem like a straightforward solution, it can lead to several complications. It can potentially delay the probate process as the court determines who should serve, as well as result in increased costs due to additional court proceedings. There may also be the possibility of having someone unfamiliar with your wishes managing your estate.
Secure your legacy
Creating a will and choosing an executor are crucial decisions. Make sure you have the knowledge and resources you need to make them. Reach out to an attorney who can help guide you through the process.