Is Your Executor Willing and Able to Carry out Your Estate Plans?
Oct. 10, 2018
Life is full of tasks and conversations that one would rather avoid. Of all of these, the discussion over estate plans may be one of the most difficult but necessary conversations one will ever have in life. Though many New York residents would rather put the task off as long as possible, the sooner one sets up these vital plans and chooses a qualified executor, the sooner one can enjoy peace of mind.
Along with deciding how and to whom one’s assets and personal effects will be disbursed after death, the next important consideration is choosing a qualified executor. This individual will bear the weight of ensuring that all of the steps included in the final plans are carried out as dictated. For this reason, it is important that the one chosen is a trusted individual who is intimately familiar with how to carry out all of the instructions.
It is likely that the person selected is a close relative or family friend. The future executor will need to be someone who can be reasonably expected to outlive the planner and will ensure that outstanding financial affairs will be settled as required. The task of settling an estate can be a long and tedious process — depending on the size of the estate — and as such, it is best if the one selected is willing to stick with the process no matter how long it takes.
It is recommended that the person chosen is asked before they are officially written into any final estate plans. An in-depth discussion with the future executor will enable them to understand the scope of their future responsibilities while also ensuring that they are both willing and able to carry out one’s wishes in the best manner possible. New York residents who are contemplating drawing up these important documents may seek the guidance and assistance of an experienced attorney.