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Gray & Feldman Legal Blog


What is an Executor?

An Executor is the person you name in your Will who is “in-charge” of your affairs after your death.

George H. Gray 0 2230 Article rating: No rating
An Executor is the person you name in your Will who is “in-charge” of your affairs after your death. The authority of an agent under a Power of Attorney to act on your behalf ceases at your death, and he or she can no longer access your bank or brokerage accounts or speak with custodians of your private information. It is the named Executor who generally commences the Probate Process to seek the issuance of “Letters Testamentary.” It is these “Letters” (generally evidenced by “Certificates of Letters”) which grant to your Executor the authority to administer your affairs after your death. Not until “Letters” are issued by the Court is anyone authorized to act on your behalf after your death.

What is a “Fiduciary:” General Considerations.

A “fiduciary” as a person to whom property or power is entrusted for the benefit of another.

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The dictionary defines a “fiduciary” as a person to whom property or power is entrusted for the benefit of another. While our focus in this series will be on the individual fiduciary, it should be noted that a fiduciary may also be an entity, such as a Bank or Trust Company. The fiduciary relationship is based on and is in the nature of trust and confidence. 

Assist your parents' to take control of their digital legacy.

Protect your parents' internet identity after they're gone.

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Protect Your Parents' Digital LegacyThe internet is now used for a wide variety of activities we take for granted as part of our daily routine. We use Facebook to share thoughts and photos, Twitter to keep in contact and on-line providers to manage our bank and credit card accounts. These items of information, memories and data are often characterized as “digital assets.” On September 29, 2016, a bill was signed into law by Governor Cuomo which enacted New York’s version of the “Uniform Fiduciary Access to Digital Assets Act” (the “Act”) which nineteen (19) other states have also enacted into law.

Make sure your aging parents' beneficiary designations are up to date.

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Info for Aging Parents on NY Beneficiary DesignationIf they are in a situation similar to other middle class families in New York, a large portion of your parents’ Estate will pass by beneficiary designation, not according to their Wills. Consider two of the largest asset categories comprising their combined Estate. They have one or several retirement accounts and they have life insurance and annuity contracts with a death benefit.

Make sure your parents' Wills are Up To Date: Part II

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Last Will for Aging ParentsYour parents’ Wills contain details which are specific to the time they were signed. The Wills name an Executor and other fiduciaries, identify a spouse, children and other intended beneficiaries, and reflect the state of the law at the time of signing. The circumstances of the person named as an Executor or Trustee may have changed.

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