[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/one-of-the-keys-to-a-good-will-is-naming-a-good-executor-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/one-of-the-keys-to-a-good-will-is-naming-a-good-executor-new-york-ny-greenwich-ct\/","headline":"One of the Keys to a Good Will Is Naming a Good Executor","name":"One of the Keys to a Good Will Is Naming a Good Executor","description":"You will need an executor. The position needs considerable thought before making that decision. There are many questions asked of potential executors, including are you willing to take on such a role and are you comfortable with accepting the role, according to The Huntsville Item in “Role of an executor“. Sometimes a person is confused […]","datePublished":"2019-05-15","dateModified":"2023-07-30","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4aa9a9c.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4aa9a9c.jpg","height":143,"width":200},"url":"https:\/\/www.amorusolaw.com\/blog\/one-of-the-keys-to-a-good-will-is-naming-a-good-executor-new-york-ny-greenwich-ct\/","about":["Estate Planning","Executor","Letters Testamentary","Probate","Testator","Will"],"wordCount":638,"keywords":["Estate Planning","Executor","Letters Testamentary","Probate","Testator","Will"],"articleBody":"You will need an executor. The position needs considerable thought before making that decision.There are many questions asked of potential executors, including are you willing to take on such a role and are you comfortable with accepting the role, according to The Huntsville Item in “Role of an executor“.Sometimes a person is confused by the will and the executor\u2019s responsibility. A person having a will prepared is called the \u201cTestator\u201d if male and a \u201cTestatrix\u201d if female. The person they appoint to take care of distributing their assets and carrying out the instructions in their will is called the \u201cExecutor\u201d if male and the \u201cExecutrix\u201d if female. That person also pays the estate\u2019s debts and taxes. Note that the debts and taxes are not paid from the Executor\u2019s personal accounts, but from the proceeds of the estate.The Executor has several responsibilities and power.\u00a0Therefore, it\u2019s important to choose an individual who is organized, good with finances and knows how to get things done. An Executor could be a person or an institution, like a bank. Here are some things to consider, when selecting an Executor:Are they good with handling their own personal business?Do they have some familiarity with your business, finances and property?Are they willing and able to act as your Executor?Do they have the time to devote to serving as Executor?Can they work with your estate planning attorney and your accountant?If you own a business, will they be able to keep it going during a transition period?There should always be a Plan \u201cB\u201d and perhaps even a Plan \u201cC,\u201d if the first person you wish either cannot or will not serve as Executor. If you do not have a Plan \u201cB\u201d or \u201cC,\u201d the court may name an Executor. That may be a person you don\u2019t know, who does not know you, your family or your business.The Executor\u2019s tasks vary depending upon the laws of the state. However, in general, these are the Executor\u2019s tasks. Note that an estate planning attorney usually assists with this process.The will is probated, which requires filing an application with the probate court in the decedent\u2019s jurisdiction.The court issues Letters Testamentary to the individual designated in the will as the Executor.A general notice is given to unsecured creditors within 30 days of being appointed Executor.Notice is given to each secured creditor, by certified or registered mail.Documents need to be gathered, including insurance policies, bank statements, income tax returns, car titles, leases, home deeds, home titles, mortgage paperwork, property tax bills, birth, death and marriage certificates and unpaid bills.The post office, relatives, friends, employers, insurance agents, religious, fraternal, veterans\u2019 organizations, unions, etc., all need to be notified.The personal property of the estate needs to be collected, preserved and appraised.The residence needs to be secured and maintained, including a review of insurance coverage.An inventory of the estate\u2019s assets needs to be prepared.The Executor needs to apply for Social Security benefits and an employee identification number (EIN) for the estate\u2019s bank account.Once the EIN number has been created, open a bank account on behalf of the estate and pay all valid debts from the estate account.Determine any tax liability and prepare for a final tax return to be filed.Distribute the assets and property of the estate, according to the directions in the will.Usually the estate planning attorney handles many of these tasks and works closely with the Executor. Some Executors are compensated by the estate for their time and effort, but that is not always the case.Reference: The Huntsville Item (April 13, 2019) “Role of an executor”For more information on asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"One of the Keys to a Good Will Is Naming a Good Executor","item":"https:\/\/www.amorusolaw.com\/blog\/one-of-the-keys-to-a-good-will-is-naming-a-good-executor-new-york-ny-greenwich-ct\/#breadcrumbitem"}]}]