Choosing an executor of your will is one of the most difficult, yet most important things that you do as you grow older.
An executor (or long island estate attorney) is the individual or the institution that you will put in charge of handling your estate and carrying your final wishes when you pass on. Though it may be a grim topic and one that you may not look forward to handling, because it is so important, it is a topic that you do need to address.
Choosing the right executor will help to ensure that your materials possessions are properly and promptly distributed, as per your wishes. Since the role of this individual is so important, trying to determine who you should name as the executor of your will can certainly be a challenge. Use the following tips to guide your decision as you begin dealing with the intricacies of elder law long island.
What Does An Executor Do?
In order to choose the most qualified individual to serve as your executor, you first need to have an understanding of the duties that come along with this title.
An executor will:
- File papers with the courts to begin the process of probate
- Take an inventory of the items included in your estate
- Use funds from your estate to pay your final expenses (taxes, remaining bills, funeral costs, etc)
- Notifying pertinent parties of your passing (banks, credit card providers, insurance providers, government agencies, etc)
- Distribute assets to the beneficiaries that are named in your will
Because the role of an executor is so important, the estate attorney long island you choose should be honesty, trustworthy, reliable, organized and timely. In other words, you should be able to trust, whole-heartedly, the person you name as your executor.
People to Consider
So, who should you choose to be your executor? For many people, naming a family member is the obvious choice. A spouse, a child, a grandchild or someone else that they are legally related to and can completely trust makes sense. What if you don’t have a trusted family member? You could consider asking a friend that you trust implicitly, or a third party executor, such as a trust company or a bank.
When selecting an executor, keep in mind that it is best to choose someone who is younger than you and who is in good health. Additionally, if the individual resides in a different state, make sure you check the laws of the state that you reside in to find out if there are any special requirements that will need to be met. For example, in some states, if the executor does not reside in the same state, he or she will have to be a relative or a beneficiary.
After You Select an Executor
Whether you choose a family member, a friend or a third party executor, make sure you get the individual’s approval prior to including the individual in your will. Naming someone who does not know the important role of long island elder law that he or she will take on after you pass away could raise certain issues.
Also, make sure you review the pertinent details of your will with the person you name. Go over the will and let the person know where all of your financial information and important documents are kept.
The role of an executor of a will is an important one. Choose wisely to ensure your assets and your final wishes are properly handled.