After passing away and the will is approved for probate, your will’s executor steps in your shoes. An executor is someone who performs all the legal tasks on your behalf. Legal tasks include property sales, paying creditors, executing lawsuits, asset distribution, and reviewing medical records. An executor’s job is vital, so you need to choose one with the right traits for the job. Consult the Law Office of Diron Rutty in New York for the best will executor. Here is what to consider.
Only Pick a Responsible Party
The most crucial character trait for your executor is responsibility. The executor for your will does not have to be an attorney, an accountant, or a financial partner. You need someone responsible enough to hire the appropriate parties to address estate issues quickly and communicate with the beneficiaries. Some options can include responsible friends and family, an attorney, bank, company, or accountant you can trust.
Consider Their Financial Standing
It would be best if your executor were someone with stable personal finances. For example, people or organizations with an array of creditors, those with no credit history, or someone who has declared bankruptcy are not good candidates for an executor. The reason for this is that they cannot get bonded. Bonding is an insurance form required by many courts to act as a payment form for beneficiaries if the executor makes off with estate funds.
Young Successors Are Key
It’s common for people to draft only one will in their lifetime. And, since wills do not expire, it’s possible to use a will that’s more than several decades old. This doesn’t insinuate that things will not change in that timeframe. While you are only required to name one executor, a family lawyer will often recommend adding one young and healthy successor as an executor who is likely to outlive you in case you only drafted a single will. It is also vital in case your first named executor passes away.
Executors can be busy persons, and fulfilling this role takes quite some time. This can be challenging for very busy individuals. It can be tempting to pick a highly insightful entrepreneur, but busy individuals often struggle to meet deadlines, like filing tax returns or completing assets and liabilities forms. That’s why we recommend that you avoid choosing people whom you know may not have the time to dedicate to your matters.
There is a lot more to consider when choosing the right executor for your will. However, the above-listed qualities are essential and a good place to start. For more guidance on estate planning or choosing an executor for your will, contact The Law Office in Diron Rutty in New York. We offer professional financial and legal advice. You can always trust us to provide the best acumen on estate matters. Call today to schedule an appointment.