Thursday, August 27, 2015

Naming Your Executor

The Executor
Once a will is put in place does not mean your final terms will automatically be carried out. You have to appoint what is called an “executor”. This is the most important individual in your after-life. Their sole duty is to carry out all of your wishes in the will. This individual has the legal authority to supervise and distribute your assets, represent and speak on behalf of the estate, and is usually in charge of dealing with the filing of taxes and other administrative duties.

What Does The Executor Do
Most people are not completely certain what some of the day to day tasks are for an executor. The following is a brief description of what their job actually entails:

  • Oversee the will property during the process of probate. Typically various administrative steps need to be taken in Surrogate’s Court.
  • File various legal documents along with the will at Surrogate’s Court.
  • Establish a bank account for the estate.
  • File the appropriate tax returns for the decedent. This can be the 1040, 1041, sales and use tax returns for their business, various state tax returns, etc.
  • Manage and supervise the property within the decedents estate during the distribution step.

Who You Should Choose
Who should be the executor? Generally it should be someone you trust. Take into account where they live. States and jurisdictions require various requirements for an executor located in an out of state location. Sometimes the best executor for your estate is your New York Estate Planning Lawyer. A few reasons for this:

  • They are less likely to swindle your estate for money because they are obliged to be ethical and moral as required by their State Bar. There are set guidelines for what are considered professional standards.
  • They are familiar with the probate process.
  • They are familiar with how estate tax and gift tax work.
  • They are most likely the individuals who created your will.

It is always a good idea to appoint a successor executor as well in the event something happens to your primary executor. You have the option to appoint several executors (i.e.: you have several siblings and you don’t want to hurt family chemistry by appointing only one sibling).

Picking your executor is a serious decision to be made. You must also be aware an executor will not be doing all of this for free. You want to establish the form of compensation with your appointed executor in order for them not to be completely burdened by the tasks you leave behind.

New York Estate Lawyer

The founder of Mishiyeva Law, PLLC., Kamilla Mishiyeva, Esq., is available to act as an executor for an individual’s estate. The best executor you can equip yourself with is your trusted probate attorney. Headquartered in the Financial District of Manhattan, Kamilla Mishiyeva, Esq., is ready to provide the city of New York estate planning and probate assistance.

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