Typically, the person who is creating the will chooses someone they trust to take on this role, such as a spouse, child, sibling, or close friend. If any beneficiary or heir contests the will, it can increase probate time significantly and an executor can do nothing to prevent it. However, other obligations are more complex and must be handled correctly or the beneficiaries to the estate may lose out. Removing a fiduciary is a big job, but here are some points for getting started. The executor may have to work with attorneys and accountants in order to make sure assets are properly valued and contractual obligations are completed. The Spouse as Sole Executor and Sole Beneficiary. Bank statements can be secured by way of discovery demands or a subpoena.
Or trying to become an administrator of the estate and not being related to the decedent. The executor is not personally liable for deceased's debts. Once the Will has been located, the Executor must make sure that the probate is handled quickly and efficiently, and the best way to do this is to hire a lawyer familiar with probate and Surrogate's Court procedures. The Surrogate's Court may require that a fiduciary be bonded before they are appointed. Please be advised that this is different from beneficiaries of an estate who are not taxed on funds received from an estate. At the hearing, you will learn why the objector is challenging your appointment.
Fiduciaries are responsible for protecting the property until all debts and taxes are paid and to promptly and efficiently administer the estate. The location of the assets may be readily available from the decedent's files or the assets may be hidden away in the decedent's home, or at banks and in safe deposit boxes. Estate tax decisions need to be made within nine months, for example. Banks and Trust Companies may charge more for their services as Executors and Trustees, and particularly as money managers. Often, the Executor will distribute certain assets such as furniture and jewelry long before the estate administration has been completed.
If it does not appear that the surviving spouse could or should handle the job alone, the spouse is often appointed in conjunction with a business partner, adult child or sibling, or with an estate professional such as a bank or an attorney who is knowledgeable about the testator's affairs. An Executor who is too simple and lacks the sophistication to handle a complicated estate should be removed. The Executor must ensure that the decedent's objectives and goals, as stated in the Will, are faithfully carried out. The bonding company will then try to recover the lost assets from the fiduciary. You should also be sure to inform them of where your records and other important items are kept so that the process can be as smooth as possible. In many cases, landlords and their tenants get along without issue but sometimes, one party doesn't hold up their end of the bargain. File a final report with the court and close the estate.
The executor of a will is a very important job. Legal Services, , and many others, focused on customer service at rates that are affordable for clients in New York City and the surrounding suburbs. This is a moral standard that will be determined on a case-by-case basis. Even if the will names you as the executor, you cannot act as the executor until the court appoints you. In addition, in this instance no accounting need be prepared.
This process usually takes about a month. Your executor may have to handle day-to-day matters for weeks, months, or sometimes longer. Common choices for executors are spouses, children, siblings, or dear friends. Most states make allowances for compensation commissions to the Executor or Administrator for services rendered to the estate. It is best never to keep the original Will in a safe deposit box, since such arrangements tend to cause delay. You must also protect them.
If the estate owes taxes, then the executor is responsible for making sure that they are paid accurately and on time. An executor can spend six months or more administering an estate. Alternatively, the federal or state estate tax return can be filed instead of a separate inventory. You will need to collect estate property held in the hands of other people. Nevertheless, there are common grounds for challenging the initial appointment of an executor.
Any delay may result in more difficulty in locating and preserving the assets. Not every will needs to go through probate. Under New York Surrogate's Court Procedure section 2307, executor fees are based on the value of the probated estate. The Executor not doing what the judge ordered. If any of the interested parties, including the executor, administrator, or trustee reside in New York State, a process server must be hired to personally serve the parties. For example the will may have been forged or improperly witnessed. Additionally, it is important to consult with an attorney before taking any fees as an executor or administrator.
This alerts creditors to the hearing. Present your case at the trial. However, this is not a requirement and should never be prioritized over someone you trust. They really treat them as part of the family and some even see their pets as the equivalent of a child. In general, this is the to the person who died or the named Executor if there is a Will. The probate estate is defined as all property held in the decedent's name.