The executor does not need to be a relative of the deceased. Designated person can be a relative, friend, or trusted advisor. In fact, the executor may not be a person at all: financial institutions and some corporations are qualified to serve. In some states, at least 15 days before the first probate hearing, everyone who needs to be notified of the estate should receive a copy of the Notice of Petition to Manage Estate.
This document should include information about the date of the hearing. The courts recommend that they also receive the Petition to Manage the Estate with all the attachments, although this is not always necessary. If the surviving spouse does not name someone, or if there is no living spouse, then the court moves to the children, then to the parents and remains on the list. By the way, the courts do not automatically appoint the elder brother as administrator.
All children of a deceased person are on an equal footing. Of course, the real work begins when the testator dies. That's when the executor is called to organize the funeral, locate and file the will, settle estates, manage assets, settle debts, file tax returns, establish and manage any trust, respond to legal challenges, and more. Being an executor requires you to carry out the details of the will and comply with legal requirements.
An executor is the person named in a will by a testator to be responsible for managing the testator's estate after his death. While one of the most important responsibilities of an executor is to distribute the assets of the estate according to the terms of the will, there are a number of additional responsibilities that an executor must complete before distributing the assets of an estate. While the executor must use the will to guide how he (or she) performs his or her duties, New York law defines the duties and responsibilities of an executor as a trustee of the decedent's estate. If you are appointed as executor of a loved one's estate, it is important to contact an attorney experienced in New York executor duties and responsibilities at the Law Offices of Stephen Bilkis %26 Associates.
With more than 2 decades of experience representing clients in complex cases before the New York Surrogacy Court, we can help with the challenge of managing an estate. Even for creditors who filed their claims on time, the executor can only repay the estate debt to the extent that there are assets in the estate to do so. Once a person is approved to become executor, the court will send an official confirmation (letters of will or administration), and then executors can begin to liquidate the estate. This person is a government employee whose job is to distribute the estate of county residents who die without a will or without an executor.
The state may have a list that provides other instructions when such a situation arises, including a long list of people eligible to become executor. After paying the debts and expenses, the executor can distribute the estate assets to the beneficiaries named in the will. In addition to these grounds for disqualification, probate court judges often have a great deal of discretion in appointing an executor or administrator. Until the assets are sold or distributed, the executor must continue to pay bills such as utility bills, continue to maintain insurance, ensure that the property is secure, and take care of general maintenance of the property.
Upon receiving the letters, one of the executor's first tasks is to take control of the assets and assemble an inventory of them. Executors may also need to attend court hearings if the estate is in formal or supervised probate proceedings. Depending on the complexity of the estate, the types of assets involved, and the executor's background, the executor may need to pay reasonable fees to others to perform certain tasks. Most states require you to do everything you can to notify potential heirs and interested parties of the person's death and intention to be executor.
If you don't name an alternator or successor, if your principal executor is unable to act, the result could be that several family members or other interested parties can ask the court to take over the executor's duties. Failure by the executor to properly manage the estate may result in personal liability on his part for any loss suffered by the estate or beneficiaries due to breach of fiduciary duties. If you become the executor of an estate without a will, you should know that it is a complex process. It is much better to refuse the honor of becoming executor of an inheritance for the right reasons (the inability to do the job correctly) than to assume it for the wrong ones (sense of obligation).