Selecting the right executor for your estate is a crucial decision in estate planning, as they will play a vital role in ensuring that your wishes are honored and your estate is managed effectively after your passing. Read this blog and reach out to a knowledgeable Rochester estate planning attorney from our firm to learn about what to consider when choosing your executor. The following answers some of the most common questions clients have:
What Does an Executor Do?
Understanding the duties of an executor is the first step in choosing the right person. The executor is responsible for managing your estate, which includes marshaling (taking control of) assets, paying off legitimate debts (funeral expenses, taxes), distributing assets according to your Will, and handling any other necessary legal and tax matters. The Executor needs to be organized, trustworthy, and capable of handling potentially complex financial and legal issues.
What Should I Consider When Selecting One?
When selecting an executor, consider individuals who possess the qualities mentioned above. Family members are often the first choice, but it’s important to assess whether the family member you have in mind can properly handle the responsibilities. Sometimes, close friends or even professional fiduciaries might be better suited for the role. That said, some of the most important qualities you should look for are as follows:
- Trustworthiness: The executor must be someone you trust implicitly. They will have significant control over your assets and decisions regarding your estate, after you have passed away.
- Organizational Skills: Managing an estate requires meticulous attention to detail. Your executor should be highly organized and efficient.
- Financial Acumen: While they don’t need to be financial experts, a basic understanding of finances is beneficial. This will help them manage and distribute your assets appropriately.
- Emotional Stability: Dealing with an estate can be emotionally taxing, especially if family disputes arise. Choose someone who can remain calm and objective during such times.
Importantly, in New York State, there are specific minimum legal requirements for an executor. For example, an executor must be at least 18 years old and of sound mind. Additionally, certain individuals, such as convicted felons or non-U.S. citizens without a resident agent in New York, may not qualify. It’s crucial to ensure your chosen executor meets these minimum legal criteria to avoid additional complications.
Once you’ve selected a potential executor, it’s essential to discuss your decision with them. Ensure they are willing to take on the role someday and understand what will be expected of them. This conversation can also help clarify any questions they might have about your wishes and the details of your estate plan.
It’s also prudent to name an alternate executor in case your first choice is unable or unwilling to serve when the time comes. This backup should be someone who meets the same criteria outlined above, and whom you trust to handle your affairs competently.
If you have further questions or would like assistance crafting your comprehensive estate plan, simply contact Lacy Katzen LLP today.
