If you execute a will in New York, your executor will be responsible for distributing your property and wrapping up your estate. This is a big job. There are many factors to consider when choosing a person for this important role.
An article in Forbes illustrates the point that your executor needs to be responsible. Probate entails a lot of paperwork and deadlines. Your executor needs a meticulous eye for detail and proven ability to tie up loose ends. It helps if your executor is finance savvy, or at least has a strong ability to communicate with finance professionals. Probate can last years, so your executor needs to be someone who sees projects to the end.
Another factor to consider is age. The executor's job begins once you are deceased, so your choice should be likely to outlive you. If you would like to name a parent or someone your age, consider naming a backup choice who is either considerably younger than you or a corporate executor.
Finally, your executor may need to handle family disputes. Losing a loved one is emotionally impactful, and sometimes even the closest families struggle with disagreements during the probate process. Naming a family member as an executor can sometimes increase tension. For this reason, you may want to name a company or an individual who is not a family member.
Your choice of executor has a lot of impact on how smoothly and effectively your estate is closed. Choosing someone who can navigate finances and the probate process is key. Keeping the above thoughts in mind will help you make a strong selection, and your loved ones will be grateful.