Considerations for Naming an Executor
Part of the estate planning process in New Jersey typically includes naming an executor (and often an alternative executor) who will handle all of your estate matters after your death. An executor of an estate is usually named in a person’s will, and that person will have a range of duties upon the death of the person for whom they are serving as executor. An executor must identify all of the deceased’s assets and debts, pay remaining debts and taxes out of the estate, distribute assets according to the terms of the will, and handle any other legal matters before the estate is closed. The following are some important considerations to take into account in naming an executor.
Identifying People You Trust
In thinking about who to name as your executor (and who can serve as an alternative executor, as well), it is important to identify the people in your life you would trust to handle all of the duties required of an executor. Executors must handle a range of financial issues pertaining to your estate, and they must properly carry out the terms of your will by ensuring that all of your assets are distributed according to your wishes set forth in your will. These are critical tasks, and you will want to name a person you trust fully to carry out the duties of this role.
You may want to name a family member you trust, but you can also name a person other than a family member, such as a bank or an accountant. You should bring a list of potential executors to discuss with your estate planning lawyer.
Knowing Who Can Legally Serve as Executor Under New Jersey Law
There are not many requirements in New Jersey concerning who can serve as an executor. The person must be an adult, but otherwise, you are generally free to name a party of your choosing. A beneficiary or heir is also permitted to serve as an executor in New Jersey, so you do not need to worry about any restrictions in that regard.
Understanding the Importance of Naming an Executor and Alternative Parties
You will want to name an executor and one or more alternative executors in the event that your named executor passes away or cannot carry out the necessary duties of an executor. This way, you can have a voice in determining who serves in this role rather than having the court appoint an executor if the executor of your choosing is no longer able to take on this role for any reason.
Discussing Plans with Potential Executors
It will be important to discuss the possibility of a person serving as your executor with that person. In other words, it is a good idea to have a conversation with anyone you plan to name as an executor or alternative executor before doing so in your will to ensure that the person is willing to take on this role.
Contact a Summit Estate Planning Attorney
Naming an executor to handle your affairs after your death is a crucial component of estate planning. As we have discussed above, not only should you be thinking about a person to name as your executor, but you should also be considering alternative parties in the event the person you name as your executor passes away or otherwise cannot fulfill the duties of an executor. If you have any questions, it is important to seek legal advice. One of the experienced New Jersey estate planning attorneys at Dempsey, Dempsey & Sheehan can speak with you today about creating a will and naming an executor, as well as other important estate planning tools.
Source:
law.justia.com/codes/new-jersey/title-3b/
