Have you recently lost a loved one? Are you struggling to name an executor in your will? Serving as an executor can be a source of tremendous stress.
Our experienced team will act as executor for estates where the heirs are unable or unwilling to fill the role. Anthony S. Park PLLC has served as a professional executor for over a hundred New York estates. Once appointed as executor, we will oversee the entire probate process, from cleaning out the deceased’s apartment to handling the preparation and filing of estate tax returns.
What We Do
We can be appointed as executor by being named in the will, or after the death of a loved one.
In the Will. Appoint us as a professional executor in your will so you do not have to feel pressured to find a family member or friend to take on this task.
After the Death of a Loved One. Even if we were not named in your loved one’s will, we can still serve as a professional executor. This occurs frequently when the executor who was named is unable or unwilling to perform their duties.
Thinking of appointing Anthony S. Park PLLC as a professional executor? Our team can serve as either a sole executor or co-executor.
Sole Executor. When appointed as a sole executor, our team will step in and independently handle the duties and responsibilities that come with the probate process. By doing so, we prevent family and friends who have recently been devastated by a loss from going through the time-intensive and sometimes frustrating probate process.
Co-Executor. Many people may be interested in having a professional executor’s expertise, however are hesitant to appoint someone outside of immediate family and friends. By appointing us as a co-executor, this allows you to retain a friend or family member as an executor, while still gaining the years of experience that comes with hiring our team.
Our Professional Executor Cases
Preparing Your Will. Many clients have never thought of appointing an executor until the time comes to prepare their will. For clients who have chosen Anthony S. Park PLLC as their professional executor, our attorneys will help you create your will and other estate planning documents.
Out-of-State Heirs or Executor. After a loved one’s death, heirs or appointed executors outside of the state of New York quickly realize the difficulty in handling an estate from afar. Because of this, they turn to our team to help handle all New York estate matters.
It Can Be Overwhelming. Even for local New Yorkers, the task of acting as an executor can be time-consuming and difficult for those who are not familiar with legal and tax issues that may arise. Hiring Anthony S. Park PLLC will allow you to avoid the headaches and time commitment that comes with serving as an executor.
Unbondable. Sometimes, executors are required to file a bond with the Surrogate’s Court, however they are unable to do so because of poor credit history or other reasons. Appointing a professional executor allows you to avoid this extra hassle in the probate process.
Professional Executor FAQs
What is a professional executor?
Many people choose to hire a professional executor to tap into their knowledge gained from years of experience. Professionals can help estates move through the probate process and save you from the time commitment of serving as an executor. Professional executors are typically one of the following:
Attorneys: Lawyers are familiar with probate law and can help estates avoid any complications during the probate process.
Banks: The majority of banks have minimum estate size requirements ranging from hundreds of thousands for smaller, regional banks to upwards of several million for larger, national banks.
Accountants/Financial Advisors: These individuals are often trusted advisors to the surviving family.
Professional executors are paid a commission directly from the estate’s funds.
What are the qualifications and requirements to be a New York executor?
New York executors must be over the age of 18 and cannot be a felon. Executors must either be a U.S. citizen or a legal resident living in the state of New York.
What are the duties of a New York state executor?
A New York state executor must:
- Identify and collect all of the estate’s assets.
- Deposit all of the estate’s funds into the estate bank account.
- Settle any of the estate’s outstanding debts with creditors.
- Prepare and file a final tax return for the estate.
- Distribute the remaining assets to the heirs named in the will. If no heirs are listed, the assets are distributed according to the New York intestacy laws.
How much are executor fees in New York state?
According to New York law, executor commission fees can range from 2.5% to 5% depending on the size of the estate. All fees are paid from the estate funds. Commission fees are calculated as follows:
- 5% of all sums of money not exceeding $100,000
- 4% of all sums not exceeding $200,000
- 3% of all sums not exceeding $700,000
- 2.5% of all sums not exceeding $4,000,000
- 2% of all sums not exceeding $5,000,000
For example, an estate valued at $350,000 would pay the executor $14,500.
($100,000 x 5%) + ($200,000 x 4%) + ($50,000 x 3%) = $14,500
Who can serve as a non-professional executor?
The executor role typically goes to a close family member such as a spouse, parent or child over the age of 18. Close friends often serve as executors when they are named in the will of the deceased. No one is legally required to hire a professional executor, however many people choose to do so because serving as executor can be an extremely time-consuming burden.
What is a Trustee?
A trustee is the person who is legally responsible for the trust assets. A trustee must hold, invest, and distribute trust assets according to the terms of the trust.