When creating plans to protect their estates, people in New York should also think about who they want to manage them. Their initial concerns may be to protect their estates from creditors and ensure their loved ones’ legacies. But they need to remember that once they die, they no longer have control over how their estates are run. According to Fiduciarytrust.com, “executors do not have to be family members. Financial institutions can also act as sole or co-executors with a decedent’s relative.” By choosing the right executors, they can make certain that their estates are managed properly.
Here are some factors that people should consider when choosing their executors.
Choose someone who is trustworthy
It is important for people to consider the integrity and honesty of the people they want to leave in charge of their estates. They should be able to trust these people with their finances and assets since they are going to be legally responsible for settling their affairs.
Select someone who handles responsibility well
It takes a lot of work and time to settle an estate successfully. People who have full-time jobs and families may not be a good fit for anyone to consider as their executors. There are a lot of time sensitive documents and processes that may require trustees to put their personal plans on hold so they can honor their obligations. An ideal choice is someone who has the time and is responsible enough to take care of things.
Choose someone who is not a conflict of interest
Many people tend to name their beneficiaries as their executors. Doing so is often a direct conflict of interests and can raise questions about their intentions, states Schwab.com. When estate planning, it is imperative for testators to choose people who stand to gain nothing from their estates to ensure their affairs are settled in accordance with their estate plans.
Careful consideration is necessary when choosing executors. People who do not take the time to select their trustees run the risk of their estates being mismanaged and their beneficiaries getting cheated out of their legacies.