When someone passes away, there is a lot to handle when it comes to their estate plans. The person who handles the estate is called an executor. So, what happens if no executor was chosen? Or the person who was chosen no longer wants the responsibility? What do you do in the event that an executor is unfit or corrupt? Read on for more information.
What Is an Executor?
If you have a will, you most likely chose an executor. This is a close friend or family member who will handle the estate after your passing. During this process, executors have many responsibilities that they need to complete in order to administer an estate. Executors have specific responsibilities to carry out when the individual of an estate they are representing dies. Upon the individual’s death, the executor must file their will in the Surrogate Court to allow the official probate process to begin. The executor may be in charge of the finances involved in the estate. They may have to go through the estate’s finances to make sure there are no remaining debts or taxes that need to be paid, and if there are, they may have to pay them off with the help of an experienced attorney. The executor must also collect and distribute assets that are to be given to beneficiaries of the estate.
What if No One Wants to Be Executor?
It is possible that you did not choose an executor, or you chose an executor who no longer wants to be involved in the process. In this case, the job would go to a backup executor. If you have not named a backup executor, the court will appoint someone appropriately suited for the job. It is good to plan ahead to ensure as little uncertainty as possible.
If you would like to begin the estate planning process, contact our firm to get started. Additionally, if you are the executor of a will who is looking to step down, or has no idea where to get started, reach out with any questions or concerns you may have.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.