A probate is a legal matter concerning the death of a person and the distribution of his estate. A probate process revolves around four people – the deceased, the beneficiary, a probate lawyer, and an executor. The executor plays the most crucial role amongst them. A probate Long Island lawyer oversees if the entire probate process is carried out according to the state and federal law. The deceased is the person who has left behind his assets and properties for the beneficiary. A beneficiary is a person who receives the estate of the deceased after the probate process is completed.
A Probate Long Island Lawyer Defines An Executor
An executor is a person whose name is mentioned in the will of the deceased. The executor can be a part of a family member or a friend or a legal advisor of the deceased person. In some cases, the deceased person does not pen down the executor’s name in his will. In such a situation, the court appoints an executor to carry out the duties and distribute the deceased’s property as per the state law or the last will. Usually, there is only one executor to carry out the functions. However, a will may have more than one executor’s name.
Role Of An Executor
Generally, a testator has the liberty to choose an executor who he confides in. The testator makes a will and writes down the executor’s name. The testator has full faith in the executor that he (the executor) will carry out the responsibility of passing down the testator’s estate after the death to the beneficiaries as per his (the testator’s) last wish. However, the executor cannot function as he pleases. He has to be aligned with the law of the state.
In the absence of an executor, the court assigns a person from the family to be the executor. If family members refuse to act as executors, the court can designate a lawyer for the task. The role of an executor is rather complicated. Thus, a probate Long Island lawyer is his only savior. The executor executes the following tasks.
You Need A Probate Long Island Lawyer To Help You Take Control of Deceased’s Assets
An executor takes upon the responsibility of the deceased’s estate after receiving a letter that authorizes him to take legal control. It is not easy for the executor to urge the family members (who are in possession of the deceased’s property and vehicles) to hand over the keys. If the family members do not cooperate with the executor, the probate Long Island lawyer can intervene to help him execute his duties. Furthermore, the executor has to locate and take control of the deceased’s financial accounts.
Appraise The Value Of The Estate
After accessing the estate, the executor needs to evaluate the value of the decedent’s overall estate. Achieving an accurate estimate of the estate could be a daunting task for the executor. The probate Long Island lawyer can help the executor to appoint an appraiser. Nonetheless, an experienced lawyer can assist the executor in understanding the assets’ value, outstanding debts, and so on.
Probate Long Island Lawyer Will Help You Manage the Estate
The executor also functions as a caretaker of the deceased’s estate. He is responsible for the assets’ security, maintenance, payment of utility bills, insurance premiums, and so on. The executor is answerable for any property damage or loss during his tenure. The court confirms breach of fiduciary duties in case the decedent’s estate is damaged.
Moreover, if the decedent has a large estate or properties in multiple states, the executor’s task is further complicated. You can depend on a probate Long Island lawyer to save your skin.
Manage The Creditors
It is a rather challenging task for the executor to handle financial predators. The beneficiaries will become the heirs of what is left from the estate after the debts are settled. Furthermore, the executor needs to meet tax obligations. The executor also pays the expenses of the funeral from the decedent’s asset. A probate Long Island lawyer can help ease the executors’ financial complications by familiarizing him with the state law and federal law. The executor functions on behalf of the decedent and for the welfare of the beneficiaries. Thus, he also needs to save a maximum amount of the estate after paying off the debts, taxes, and other expenses.
There are several facets of an executor’s role. Before you, as an executor, end up in a crisis, it is advisable that you consult a probate Long Island lawyer to sail you through the rough weather of the probate process.