Picking an Executor
It is best if the Executor can drive a car to a bank, walk up a flight of steps to the Surrogate's office, speak English, set up a NJ Estate bank account and use email.
An Executor is the person responsible for gathering all your assets upon your death, paying off your debts as appropriate, and distributing your assets according to your wishes. Executors are fiduciaries who have a legal duty to act in the best interest of the beneficiaries of the estate.
Don't confuse an executor with a successor trustee. If you have only a will that spells out your wishes for your estate, the person responsible for gathering and distributing your assets is called the executor. This person is named in your will and can serve with or without bond. Depending on the value of your estate and the laws of your state, it's very likely the executor will serve under court supervision since wills are commonly handled through the probate process.
Your choice for executor must, first and foremost, be available. This means your executor must be able, willing, and local(ish).
Ability to serve means your choice for executor must have the capacity to serve in both a legal as well as a personal capacity. Find someone who is willing to serve in the role. Your executor has to deal with myriad financial and legal issues fairly quickly after your death, and an inability to deal with this reality won't be helpful for your beneficiaries.
Finally, pick someone who is local(ish).
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client.
For further information please contact me at www.kmckernanlaw.com kevin@kmckernan.com or 718-317-5007.