When an individual takes the important step of drafting a will, that person is required to name someone to carry out his or her final wishes. This individual is known as an executor. While the title may sound straightforward, the responsibilities attached to it are anything but simple. Serving as an executor is not merely ceremonial, and it is not simply a matter of reading a will and handing out assets. Instead, it’s a formal legal role that comes with significant responsibility. If you have recently been named as an executor, or you are in the process of creating your own estate plan and deciding who should serve in this role, read this blog and reach out to our Buffalo estate lawyers to learn more. Here are some of the questions you may have:

What are the primary duties of an executor in New York?

In its simplest terms, an executor is responsible for administering the estate of a deceased individual. An executor is generally responsible for the following:

  • Filing the will with the appropriate Surrogate’s Court
  • Initiating the probate process
  • Identifying, locating, and safeguarding all estate assets
  • Notifying beneficiaries and heirs
  • Paying valid debts, taxes, and expenses
  • Managing estate property during probate
  • Distributing assets in accordance with the will

Each of these responsibilities is significant and requires close attention. For example, identifying assets may involve combing through financial records, locating insurance policies, reviewing deeds, and even securing personal property so that nothing is lost, damaged, or improperly distributed. Additionally, debts cannot simply be paid at random. Creditors must be properly addressed, and payments must be made in accordance with the law.

Importantly, an executor serves in what is known as a fiduciary capacity. This means that he or she must act in the best interests of the estate and its beneficiaries at all times.

Should an Executor Work With a Buffalo Estate Lawyer?

Technically speaking, an executor is not always required to hire an attorney. That being said, it is always best to proceed with one who can ensure the process moves along as smoothly as possible. An estate lawyer can help in many ways, including by:

  • Preparing and filing probate documents correctly
  • Advising on fiduciary obligations
  • Addressing creditor claims and tax issues
  • Handling disputes among beneficiaries
  • Ensuring assets are distributed properly

Serving as an executor often occurs during an already emotional time. Grief, family dynamics, and legal obligations can all intertwine in ways that make even a straightforward estate feel complicated. For this reason, you should strongly consider hiring a knowledgeable and experienced lawyer who can guide you through the process.

If you have further questions or have been selected as an executor and need an attorney to represent you, please don’t hesitate to contact Raimondo & Sunquist LLP today.