OCTOBER 2018 • LONGISLANDPRESS.COM 51
COPING WITH DEATH
WILL & TESTAMENT:
HOW TO BE AN EXECUTOR
By SHERYL NANCE-NASH
It’s a privilege to serve as executor
of an estate. For sure, it’s no small
matter to carry out someone’s final
wishes. The responsibility is huge.
The last thing you want is to do anything
less than a stellar job.
Here’s how to honor your loved
one’s legacy.
RECOGNIZE YOUR ROLE
The executor of an estate must
understand that he/she is a fiduciary.
“This means that they have a duty
to act in good faith and trust for the
benefit of the beneficiaries of the
estate,” says Gary Sastow, partner
at the law firm of Brown, Gaujean,
Kraus & Sastow, in White Plains.
“The executor must also understand
that they are now stepping into the
shoes of the deceased person to carry
out their wishes with respect to the
deceased person’s assets that make
up the estate.”
Know what to expect.
“It is a challenging and sometimes
thankless job,” says Jeffrey Greener,
an attorney specializing in estate
planning with Rivkin Radler LLP in
Uniondale.
GET YOUR HANDS DIRTY
Come with your A-game. There
will be plenty to do and no room for
mistakes.
“The main responsibility of an estate
executor is to take charge,” says
Mark Snyder, a financial advisor in
Medford. “Families are often in disarray
at this stressful time and conflicts
may be emerging. It is imperative to
get a hold of the will and see that the
deceased’s wishes are honored above
all else.”
Your duties can include things
like hiring an experienced estate
attorney to assist in performing
executorial duties and obtaining
a formal court appointment; identifying,
gathering and collecting
assets; identifying debts of the
decedent; and communicating with
heirs, among other tasks, points out
attorney Candace Grossbach with the
law firm of Martin Grossbach in Rye
Brook.
In addition, the executor will go
through the process of probating the
estate before the Surrogate’s Court,
marshaling the assets of the estate,
distributing the assets in accordance
with the deceased person’s last will
and testament, accounting for all the
assets, investing the estate’s money,
if applicable, and filing the necessary
tax returns and reports to the Surrogate’s
Court.
The duties of an executor or administrator
may be time-consuming and
complicated.
“Before accepting the position,
first determine if you have the time
to handle a process that could take
upwards of a year for more complex
estates,” says Greener. “While no
specific educational training or
skills are required, it does help to be
well organized. It also helps to have
the right temperament, since the
estate administration process can
be long and sometimes frustrating,
especially when there are numerous
individuals involved, each with his
or her own expectations.”
If it sounds like a lot of work, it is.
Know that the estate will pay you for
your services. Keep a record of the
hours you spend.
AVOID MISTAKES
Don’t go solo. Build a team to
ensure you do the best job possible.
You’ll likely need an estate attorney,
an accountant, financial advisor and,
depending on the estate, an appraiser.
Make no assumptions that everyone
is on the same page and that the
process will be without some confrontation
or risk free.
“Executors are often the only
thing standing between heirs and
their inheritance, so executors often
feel heirs have put them under a
microscope,” says Greener. “You can
also be held personally responsible
for losses or for failing to timely pay
taxes or claims before distributing
any inheritances.”
Be mindful about everything.
“Don’t distribute too much too soon
and leave the estate financially depleted,”
says Gary Garland, a certified
elder law attorney with the Garland
Law Office in New York City. “For
example, distributing all the cash and
stocks, and then there are no liquid
funds available to fix up the house
for sale.”
You also don’t want to distribute assets
without appropriate paperwork.
“If you give $50,000 to the nephew
without appropriate paperwork,
he can still sue the estate if he feels
aggrieved,” Garland adds.
Serving as an executor won’t be
easy, but what a way to show your
love.
Being named executor of an estate is a big responsibility.