Planning ahead to protect your estate in New York requires a lot of foresight and consideration. One decision to make is who will be the executor of your will and/or estate. While you may have the perfect person in mind, there may not be one who you think can handle everything. In these situations, naming a co-executor may be a smart move.
The American Bar Association discusses the importance of not only naming an executor but also making sure you choose the right one. An executor can be an individual or an institution such as a bank or attorney's office. Naming co-executors is a common practice, and typically one is close to the family and another one is of professional capacity.
Whether you choose one or more executor, you need to consider who is best for the role. AARP discusses some considerations you should think about such as:
- Skills and abilities - being an executor takes communication and organizational skills as well as financial knowledge. One reason people choose co-executors is to have a professional who is knowledgeable with the law, taxes and financial issues.
- Time - it is time-consuming to execute an estate, so you should choose someone who has the time and patience to deal with everything
- Affordability - typically you will pay the executor in one way or another, whether it is a percentage of the estate or an ongoing fee for a professional. The executor should also be able to afford to carry out the required tasks in terms of money and time