Have you recently lost a loved one? Are you struggling to name an executor in your will? Both finding and serving as an executor can be a source of tremendous stress.
Choosing a professional executor may be the solution. I’ve served as professional executor for hundreds of New York estates. Once appointed as executor, my team oversees the entire probate process, from cleaning out the deceased’s apartment to handling the preparation and filing of estate tax returns.
What We Do
I can serve as professional executor in your will, or even after the death of a loved one.
In Your Will
Having trouble naming an executor in your will? Perhaps you can’t think of a suitable person nearby. Or maybe you don’t want to burden your friends and family. Whatever the reason, choosing a professional executor may be your answer.
After the Death of a Loved One
Even if your loved one’s will does not name a professional executor, the surviving heirs can still make that choice.
This usually makes sense when the named executor is unable or unwilling to perform their duties. Or if heirs simply prefer an independent and experience professional at the helm. Either way, you can hire a professional executor so long as you have the consent of all heirs.
Once appointed as executor, my team will independently handle the duties and responsibilities that come with the probate process. By doing so, we spare grieving family and friends from the time-intensive and frustrating probate process.
Examples of Professional Executor Cases
Named in Your Will
You’re finally making your estate plan, and you’ve decided to name me as professional executor in your will. I’ll be glad to work with your estate planning attorney (or with you, if it’s a DIY will) to formalize my nomination as your executor.
After a loved one’s death, heirs who live outside of New York quickly realize how difficult it will be to settle an estate from afar. Sometimes it’s because they don’t want to travel back and forth over the next several months. Other times it’s just about being totally unfamiliar all the local rules and customs. Whatever the reason, many folks are all too glad to delegate the executor job to a hired professional.
Bonded and Insured
New York Probate Courts sometimes requires the executor to file a bond. But many executors don’t qualify for a bond, due to poor credit or other reasons. A bonded and insured professional executor may be your solution.
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 either:
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.
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.
I enjoy the challenge of unscrambling a messy estate, and simplifying it to inheritance checks for the heirs. Must be the puzzle-lover in me.
Besides lawyering, I’ve owned businesses ranging from an H&R Block franchise to a biodiesel refinery in Africa.
I grew up and live on the Upper West Side with my wife and 2 kids. I ride Citibike everywhere, and play pickup soccer every weekend.