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October 2014 Archives

What are the responsibilities of a fiduciary in New York?

A fiduciary is a person who is responsible for administering the estate of a deceased person. Depending on the circumstances, some fiduciaries will be referred to as executors, and some will be called administrators. An executor is a person who was named specifically in the deceased person's will as the individual who would be charged with managing the estate. When a person dies who had no will, the court will appoint an individual to be the estate administrator.

Executing and attesting a will

In order to properly execute a will, residents in New York may need to understand more about the state requirements governing the process. Most wills are completed in writing, and most are executed and attested in similar fashion. The person whose name is on the will is referred to as the testator. The will must have the testator's name, and signature included at the end in order to be approved. The document must be signed in front of witnesses who then attest to the event in order to be legitimized by the court system.

Considerations before choosing heirs

For many New York residents, estate planning may call to mind the consideration of a variety of different scenarios in order to determine the most attractive way to maximize distributions to heirs. The selection of those beneficiaries and the portion of wealth received by each may be less objective and more subjective.