If you use a last will to arrange for the distribution of your assets after you die, who is actually going to put the plan into action? Is the document going to act on its own?
Clearly, there is a human element to take into consideration. When you are drawing up your last will you must include the nomination of an executor.
This is the person who will be charged with the responsibility of administering the estate. If you did not choose your own executor, the court would be forced to appoint a personal representative to act as the estate administrator.
What Does an Executor of a Will in Kew Gardens New York Do?
Imagine the situation that would exist after you pass away. You were in possession of all different types of property. There is a last will that contains your final wishes regarding the distribution of this property.
This is well and good, but the executor must make these wishes come to fruition in reality. This can be a very challenging task.
First off, the executor must secure the physical assets that comprise the estate. Why must this be done? Imagine Uncle Harry rummaging through the house grabbing this and that, contending that the decedent wanted him to have these items. Then Cousin Jane arrives doing the same thing, and an old college buddy, and so on.
The executor must make sure that all of the property stays secure so that it can be properly distributed in accordance with the wishes of the decedent.
The last will must be admitted to the Surrogate’s Court so that the process of probate can be initiated. This is another responsibility that is probably going to fall to the executor.
During probate the executor is in charge of administering the estate. This can include paying final debts including taxes. The assets that comprise the estate must be prepared for distribution to the heirs. This can involve arranging for appraisals and liquidation.
The executor is the point of contact for anyone who has an interest in the estate. He or she must be prepared to answer questions along the way.
Choosing an Executor of a Will in Kew Gardens New York
When you consider the length and breadth of the estate administration tasks, you can see that the executor has a great deal of responsibility. It is not an honorary or ceremonial role.
When you nominate an executor of a will in Kew Gardens NY you should make sure that the person can handle these business oriented tasks. In addition, the executor must have the time that it will take to administer the estate.
This may sound like an instance in overstating the obvious, but you should also make sure that the person that you would like to nominate to act as executor is actually willing to take on the responsibility.