The Executor is the personal representative legally responsible for managing and settling your estate after death. Selecting the right person is one of the most crucial decisions in your estate plan. The Frieri Law Group helps clients appoint trustworthy and capable Executors to ensure their wishes are carried out smoothly and legally, minimizing potential family disputes and administrative delays.
An Executor—who is a fiduciary—has a legal and ethical duty to act solely in the best interests of the estate and its beneficiaries. Their extensive duties typically span several months and include:
Probate: Filing the Will and necessary paperwork with the Surrogate’s Court.
Asset Management: Locating, inventorying, and managing all estate assets.
Debt Settlement: Identifying and paying valid debts and funeral expenses.
Tax Compliance: Filing all required state and federal tax returns and paying any estate taxes due.
Asset Distribution: Distributing the remaining property to the beneficiaries according to the terms of the Will.
Accounting: Providing detailed financial records and a final accounting to the beneficiaries and, sometimes, the court.
In New Jersey, an Executor must fulfill several key legal obligations:
Fiduciary Duty: Acting honestly, in good faith, and always in the best interest of the beneficiaries.
Impartiality: Treating all beneficiaries equally and fairly.
Timeliness: Completing all estate administration steps promptly.
Record Keeping: Maintaining accurate and detailed financial records.
Executors are legally entitled to compensation for their work, which may be a set fee or a commission, the amount of which can vary based on the size and complexity of the estate.
Choosing an Executor requires careful consideration. This person should be prepared to handle complex financial and legal matters during an emotional time for your family. A strong candidate should be:
Trustworthy: Absolutely critical, as they will have access to all your financial information and assets.
Organized and Diligent: Capable of maintaining detailed records and meeting legal deadlines.
Communicative: Able to clearly communicate with beneficiaries and professionals (lawyers, accountants).
Locally Available: While not always required, having a local Executor in New Jersey can simplify the administration process.
You should also name one or more alternate Executors in case your primary choice is unable or unwilling to serve.
For large, complex, or potentially contentious estates, appointing a professional fiduciary—such as a bank, trust company, or a professional administrator—may be advisable.
A professional Executor offers:
Impartiality: They are neutral and less likely to be involved in family dynamics or disputes.
Expertise: They possess specialized knowledge of estate law, tax compliance, and financial management.
Continuity: Professional entities do not die or become incapacitated.
While professionals charge fees, their expertise can often save the estate money in the long run by avoiding costly errors, delays, and tax complications.
You can easily change your named Executor at any time by executing a new Will or a legally executed Codicil (amendment) to your existing Will. It is vital to consult with a lawyer to ensure these changes are made correctly to be legally enforceable.
However, once you have passed away, the court can only remove an appointed Executor if they fail to fulfill their fiduciary duties, commit misconduct, or are otherwise legally disqualified from serving.
The Frieri Law Group provides comprehensive estate planning services. We can help you with all aspects of estate planning, including choosing the right person to settle your estate and drafting the legal documents necessary to appoint them.
Contact our firm to ensure your choice of Executor is legally sound and prepared for their role.