Help! I Don’t Have an Executor For My Will
Choosing an executor can be very difficult if you feel you don’t have many choices. Whether it’s because of a small family, or fear of causing stress in a loved one’s life, there are many reasons why so many folks feel they don’t have anyone to name as their executor.
You Don’t Have Immediate Family.
Cheryl was widowed with no children, and did not have any close family members. Although she had a few trusted friends, she did not feel comfortable naming any of them as executor of her will for various reasons. Cheryl was very anxious because she was unsure who she could possibly find to handle this incredibly personal responsibility.
Your Friends May Not Survive You.
Harry did not have any close family members, but he did have a tight knit group of friends that had been by his side for decades. When it came time to name an executor to his will, Harry didn’t hesitate in naming his best friend, Frank. As the years went by and both Harry and Frank continued to age, Harry began to wonder if naming Frank as the executor was a wise decision. Frank was a few years older than Harry, and had a few more health issues. What would Harry do if Frank passed before him?
You Don’t Want to Burden Your Loved Ones.
Matt was recently named executor of his uncle’s will, and viewed it as an honor to have been chosen. When Matt’s uncle passed away, Matt was not only overcome with grief, but also with his executor duties. Being the executor of a will can sometimes require 12 to 18 months of answering questions from all the heirs, court issues, tax filings with the IRS, and seemingly endless bureaucratic chores. Matt had no idea that settling his uncle’s estate would require so much work and time out of his personal schedule. Although he loved his uncle, he wished that someone else had been chosen to handle the job.
You Don’t Want to Cause Family Disputes.
Jill was unmarried, and did not have any children. However, she had three, wonderful nieces that she loved as if they were her own. When Jill thought about her will, she immediately knew she wanted to give all of her assets equally among her nieces. However, when it came to making the decision of who to name as executor of her will, Jill was unsure of what to do. If she named her first-born niece, Sarah, the executor, she feared the other two would feel left out or as if Jill did not love or trust them the same as Sarah. Jill feared that her decision of picking one over another, even though she did not mean it to be a symbol of loving one over another, could create unnecessary problems among the three siblings.
You Don’t Qualify for a Bank Executor.
Teresa wanted to hire a professional to be the executor of her estate, so she placed a call to her banking institution. Having worked all her life, Teresa’s estate was sizable, however she was shocked to find out that her bank declined to serve as executor of her will because her estate was “too small.” Upon further research, Teresa discovered that many banks decline executor opportunities for estates valued at less than $2 million, sometimes as high as $5 million.
Do Any of These Situations Apply to You?
If any of these situations apply to you, your best solution may be hiring a professional executor.
- Our team has handled well over 100 estates all over New York, so you can rest assured knowing everything will be handled correctly and in a timely manner.
- We have a fully staffed office available to handle all the various burdensome tasks that come with being an executor.
- Choosing an independent executor instead of a family member can help prevent any intra-family disputes, since a professional executor will be a neutral and unbiased party.
- We’re bonded and carry malpractice insurance to cover any wrongdoing as executor. This provides an additional layer of protection you wouldn’t get when working with a loved one, friend, or even a trusted financial planner or accountant.
How Do You Appoint a Professional Executor?
Name Us in the Will
Melissa was certain she wanted a professional to be the executor of her will, so she drafted it naming Anthony S. Park as the sole executor, leaving all tasks and duties to our experienced team. Her loved ones were delighted that she found someone reliable and trustworthy to handle her estate, and also secretly pleased they would not be left with the trouble of doing it themselves!
On the other hand, Mark wanted professional help, but understandably could not fully commit to having an outsider handle his estate. So he named Anthony as a co-executor alongside his trusted buddy of decades. This way, his friend would not be obligated to commit time to doing all of the tasks and duties, however he would still be watching over the process alongside the professionals.
Nominate Us After a Loved One Has Passed
Rebecca was appointed as the executor of her mother’s estate, and she was proud to have been given this responsibility. Then, her mother passed away and Rebecca was immediately overwhelmed by all that needed to get done. As a full time mother of two young children, Rebecca had no idea how she was going to find the time to handle all the duties associated with being an executor. She was relieved when she discovered our professional executor service, and quickly elected to name Anthony as the executor of her mother’s will in her place.