Appointing an executor is one of the most important steps in creating an estate plan. To learn more about the executor role, continue reading. If you have any additional questions regarding this role and its responsibilities, do not hesitate to reach out to our experienced estate planning attorney today to learn how we can assist you. Our firm prides itself in our ability to assist each of our clients in protecting their future.
What is an executor?
An executor is in charge of handling your estate in the event of your passing. An executor is an appointed individual.
What are the responsibilities of an executor?
You will likely be accountable for the finances of the estate if you have been chosen to be an executor. This will include taking care of any taxes or overdue bills. As the executor, you will also be in charge of distributing assets to the beneficiaries. Executors will handle all disputes.
To learn more about the role of the executor in detail, do not hesitate to reach out to our knowledgeable estate planning attorney who will walk you through what this role entails.
What happens if no one wants to be an executor of an estate?
It is not uncommon for individuals to become overwhelmed with the tasks of handling an estate. There is a lot of weight that this role carries. In other circumstances, an individual may accept the role of an executor without truly understanding what the role comes with and its responsibilities. When either of these scenarios occurs, courts will not force that person to become an executor if they are not comfortable. Instead, an estate plan allows for a backup executor to step into the role.
In the case that no one wants to be an executor of an estate, the court will appoint an individual who is suitable for the role.
The court also has the power to remove an executor from the position if they are engaging in fraudulent activity or if they are not fulfilling the duties.
To learn more about the role of an executor, do not hesitate to reach out to our estate planning firm. We would be happy to assist you with any questions or concerns you may have about appointing an executor or if you are filling the role of an executor. Our firm is prepared to help, no matter the circumstances.
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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.