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May 2016 Archives

Options in appointing an executor

While many New York residents choose to appoint relatives or close friends to manage their estates after they die, there may be situations in which an individual or couple has no trusted party to appoint. Examples might include couples without children, unmarried individuals without close family, or families experiencing serious conflict over parents' assets and end-of-life plans. Deciding how to have one's estate administered could make the difference in ensuring a smooth transfer of assets rather than creating fuel for a huge court battle.

Dealing with inappropriate administration of a will

It is not uncommon for there to be differences of opinion in the administration of a will under New York law. Broad powers have been invested in the executor that is appointed under a will. However, with these powers come serious legal responsibilities. Failure to properly perform the duties may lead to legal action and in some cases personal financial responsibility. The probate court also has the power to remove an executor.

Deciding to be an executor

Many people in New York feel flattered when someone asked them to be the executor of the will. Being trusted enough to handle a friend or family member's posthumous affairs is indeed an honor. However, it's important for prospective executors to fully understand the possible ramifications of the position.