New York Estate Planning Lawyers need to discuss many different issues with their clients. Among the most important considerations is the selection of Executors and Trustees. An Executor is nominated in a Last Will and Testament. Typically, the Will also provides the name of successor Executors in the event the primary nominee cannot or will not serve. A Trustee is also nominated to act in a Will provision regarding a testamentary trust. This is a trust that is created in the Will. There are also trustees that are nominated in trusts that are created outside of a Will in so-called inter vivos trusts. A Living Trust or Grantor Trust is a typical example.
When choosing a fiduciary such as an Executor or Trustee the creator should give the selection some basic considerations. These include some understanding as to whether the person nominated will accept the appointment. Some individuals do not want to accept the responsibility of acting as an Executor or Trustee or may not have the time to devote to this task. When selecting a fiduciary, the creator may want to first ask the prospective nominee if they would accept the appointment. Continue reading →