Executors, beneficiaries and writing a will

Adults in New York who do not have an estate plan may want to consider making one. Most people include a will in an estate plan. A will is a document that indicates how an individual wants their assets distributed after their death, and it must be signed by two witnesses. Without a will, the state will decide what happens to the assets.

The people or parties who receive the assets are beneficiaries. Beneficiaries might be friends, family or organizations. A will also needs an executor. This is the person who is in charge of distributing the assets and administering the estate in other ways such as paying taxes and debts. The executor might be a friend or family member, but an attorney or a financial professional may be an executor as well.

An individual may want to appoint a separate social media executor who is in charge of the individual’s online life. This person can be responsible for closing an individual’s online accounts and profiles and handling their email. A social media will may be written separately from the regular will.

Individuals should periodically review and update their wills. Families and friendships change due to births, marriages, divorces, deaths and other transitions, and over time, an individual may want to choose different beneficiaries.

An individual who is considering preparing an estate plan may want to work with an attorney in doing so. Wills may be challenged due to incorrect preparation or even legal language that is not used correctly. Individuals who have found themselves appointed executors of a loved one’s will may also want to consult an attorney. Sometimes, a person may be appointed executor while lacking the legal and financial knowledge they feel they need to manage the estate. This may particularly be the case if the estate is a complex one.

Source: USA.gov, “Writing a Will,” Accessed April 21, 2015