It is prudent to draw up a will in the State of New York in order that your wishes upon death are undertaken and your loved ones are cared for.  A will is a legally enforceable document describing details of property distribution, including naming an executor for the estate and a guardian for any living minor children.  The person writing the will is referred to as the testator, and once that person dies, the executor will become responsible for probating the will which means they will have to file it with the court to determine the will’s validity.  The executor  must  file the will in the county where the testator lived at the time of their death.  After the court determines the will to be valid, the executor can legally administer the will.  An experienced probate attorney may be a valuable asset for an executor as they go about the duties assigned with that title.

Payment.

Executors get paid for administering the will either through commission based on the value of the estate’s assets plus income derived from those assets, but it is more common that the commission will be based on the preliminary accounting of the estate when filing a request for an advance commission. Additional compensation in connection with property management (5% of gross rentals), litigation or tax matters or management of the decedent’s business matters may also be paid to an executor. A testator can also specify an amount of money to be paid to the executor, or pay a disposition which is a non-taxable payment, instead of an executor’s fee.

Administration.

The named executor administers an estate in accordance with New York Statutes Estates Powers and Trusts Law, by handling the affairs of the testator, including funeral arrangements with specific desires, securing the necessary documentation to distribute the assets including the will, birth certificates, death certificates, marriage certificates, insurance policies, property deeds and any other documents relevant to the estate.

Seek counsel.

A legal professional can advise you, as you determine how you might want tangible property divided, along with the ability to make bequests for various family members.  Naming an executor for your estate may give you piece of mind as well.  Make an appointment with Attorney Ron Meyers and take the time to write down exactly what should be done after your death by naming responsible individuals to handle business and personal matters. It will reduce the stress on the remaining family and loved ones as they grieve.

 

Ron L. Meyers & Associates, PLLC

Address:  475 Park Avenue South, Suite 2100

Manhattan, NY 10016

Phone: 212-644-8787

 

Sources:

https://www.nysenate.gov/legislation/laws/EPT/4-1.1

 

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *