Why Do I Even Need To Appoint An Executor?
Most estate planning attorneys usually address a lot of questions, and one that stands out among other issues in the initial stage of the process is who is the executor or who are the executors? Executors are recognized individuals who are named in your estate plan and have the responsibility and authority to clear up any outstanding financial obligations when you die and distributing your assets according to your wishes. Executors work cannot be done singlehandedly alone. If you fail to name an executor for your estate, the court will have to appoint one for you.
Considering the responsibility and trust reposed in such a person, it is not surprising that most individuals in New York choose to choose for themselves. The designation is a reflection of the testator’s or testatrix’s confidence in the integrity of the executor. However, integrity alone does not mean the person has the organizational and communication skills, or the time and patience to navigate the sometimes complicated and exhausting probate process effectively. This challenge notwithstanding, if estate proceeds are sufficient, it is possible to enlist the help of an experienced estate attorney to help with the process.
The character and competence of your representative aren’t the only factors to consider when planning your estate. Keep in mind that you won’t be around to help them make the right decisions and to find all the assets you own. You can make life a lot easier for your designee by getting your affairs well organized and centralized. Key documents that the executor will need at hand for easy processing include:
– The will
– Trust papers
– Bank account records
– Business interest papers
– Life insurance policies
– Social Security information
– Usernames and passwords for online accounts
– Descriptions and locations of portable valuables
Many consider being named the executor of an estate as an honor. Be sure that whoever you designate for the post does not feel cast adrift; it is crucial to approach the planning process like it’s going to be a team effort where you are the leader, even if you’re not there. In addition, it is highly recommended that you discuss with a qualified estate planning attorney like Morgan Legal Group PC who can guide you through the legal process of making sure your executor has all that he/she needs for your assets to be smoothly transferred to the right person(s) and at the appropriate time.