When someone passes away, they often leave behind more than memories; they leave an estate that must be managed, distributed, and legally settled. When the decedent has a Will probated, the person responsible for overseeing this process is known as the Executor. But while the term may sound straightforward, the role itself can be far more involved than most people realize. Continue reading and reach out to a seasoned Rochester estate planning lawyer from Lacy Katzen LLP to learn more. Here are some of the questions you may have:
Who Can Be Named as an Executor?
In most cases, the Executor is someone the deceased trusted deeply; often a spouse, adult child, close friend, or sometimes a professional, such as an attorney or financial advisor. In New York, anyone over the age of 18 who is of sound mind and has no felony convictions may legally serve in this role. One does not need to be a U.S. citizen to be an Executor as long as he or she is a resident of New York State. Conversely, a U.S. citizen may be appointed an Executor no matter where they live (inside or outside of New York). However, just because someone can serve as executor doesn’t necessarily mean they should. The fiduciary responsibilities are significant, and not everyone is prepared for the time and emotional energy it requires.
When drafting a Will, it’s important to choose an Executor who is organized, honest, and capable of handling legal and financial matters, or who knows when to seek help from professionals. The Surrogate’s Court will officially appoint the person named in the Will, provided they are eligible and willing to serve. If no Executor is named, or if the named person cannot serve, the Court will appoint someone else, often a close family member. For that reason, it is recommended that one names a series of successors in case the Executor(s) you name first cannot serve.
What Are the Executor’s Main Responsibilities?
The Executor’s primary job is to carry out the decedent’s wishes expressed in the Will while following New York estates law. This process begins with filing the Will in Surrogate’s Court and requesting official approval to act as Executor, a step known as “probate.” Once the court issues “Letters Testamentary,” the Executor can begin managing the estate.
One of the first tasks is for the Executor to gather and protect the deceased person’s assets. This could include everything from bank accounts and investment portfolios to real estate, vehicles, and personal belongings. The Executor must also notify banks, insurance companies, creditors, and government agencies of the person’s death.
Paying legitimate outstanding debts and taxes is another key fiduciary duty. The Executor must ensure that any valid claims against the estate are settled, which often involves sorting through paperwork, balancing ledgers, and sometimes negotiating with creditors. Only after debts and taxes are resolved can the Executor distribute the remaining assets to the beneficiaries named in the Will.
What If the Executor Makes a Mistake?
Executors are held to a fiduciary standard, meaning they must act in the best interests of the estate and its beneficiaries. While honest mistakes can happen, especially in more complex estates, Executors can be held legally and financially responsible for significant mismanagement or misconduct. New York law imposes a “Prudent Investor” standard of conduct on Executors, which requires that they reasonably diversify, invest, and preserve estate assets under their control. That’s why it’s often wise to consult with an estate attorney throughout the process.
Fortunately, Executors are not expected to do it all alone. Legal guidance, tax advice, investment advice, and even accounting services are all commonly used to help Executors fulfill their duties properly and efficiently. In many cases, the estate can cover the cost of these professional services.
Being named an Executor is both an honor and a serious responsibility, but with the right support, it’s a role that can be fulfilled with confidence. If you have additional questions or would like to speak with an attorney about your duties as an executor, please don’t hesitate to contact Lacy Katzen LLP today.
