Planning for your estate can involve appointing beneficiaries to inherit certain possessions. When administering your estate, you can appoint many beneficiaries. A beneficiary can be someone that inherits an asset or a possession when you pass away. You may appoint as many beneficiaries as you need to administer your estate to your satisfaction. These assets can include your real estate, your motor vehicles, sentimental items or highly valued possessions. It can include a range of items that you wish to pass on to other individuals to benefit them and have your assets passed on. Beneficiaries will be administered their share of the estate after the individual dies and probate is completed.
Is there more than one executor?
For estate administration, an executor may be named in a will to help during the process. The executor has the responsibility of bringing the will to probate. They have many other responsibilities involved in this process as well. However, there is only one executor named in a will. This individual should be ready to take on all the tasks that are required of them. They may have to meet with professionals, such as accountants and attorneys, to pay off any remaining debts or taxes that the deceased has left behind. This can include a few conversations to plan for their finances. After this is taken care of, the executor will have to gather their assets that are named in the will to be distributed to the beneficiaries.
What if the executor doesn’t complete their tasks?
Executors must complete all tasks in the estate administration process for everything to go smoothly. If they do not gather and distribute assets, the beneficiaries will not receive what was rightfully given to them. Since this role is important to this process, an executor can be removed if they fail to perform their tasks accordingly. A beneficiary has the ability to file a motion with the court to look into the case and ultimately decide if the executor should be removed from their position. The court can then appoint a new executor to the role to carry out the remaining responsibilities.
Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.