When a loved one names you the executor of their will, it’s an honor as that individual trusts you with executing the distribution of an estate. However, as an executor in New York, you can face a number of hidden hazards when the time comes to administer the estate.
Considerations before accepting the position
Before you agree to be named as an executor, consider the possible disputes you may encounter. You could spend a lot of time and aggravation in disputes with co-executors and heirs. If you’re the sole executor, you may only have potential disputes with heirs, but if your parent, for example, named you and all of your siblings as co-executors, squabbles can ensue during trust and probate administration.
Note that all co-executors must sign pertinent papers, which can lead to delays. The bigger the estate, the bigger the job of executing your loved one’s wishes. You could be in for a considerable time drain. Make sure that you pay the estate debts first before distributing assets; otherwise, you could be liable for those debts. You may also incur expenses when administering the estate.
Minimizing executor headaches
If you are an executor and haven’t thought about possible consequences, you can do several things to minimize problems. If you have co-executors, it’s wise to have one individual handle most of the work or ask a bank’s trust department to handle the job. A probate attorney may help you with asset disbursement and other estate tasks.
Getting assistance may help you economize your time when dealing with estate matters, minimize disputes with heirs and effectively pay for estate administration costs. Setting up an estate administration checking account and putting other measures in place can make your executor job much easier.