No. If you choose not to serve, the court will probably appoint the alternate executor named in the will to be the personal representative.
If there is no alternate executor, or if that person doesn’t want to serve, the court will appoint someone to serve. The Court usually appoints a capable family member or an independent professional fiduciary.

Any person over the age of 18 can be named an executor of a will, provided that the person has not been convicted of a felony. More often than not, a family member or close friend is chosen to serve.

Generally, the executor cannot distribute any assets until the court issues a decree appointing the executor and issues letters testamentary. Letters testamentary are certificates that state that the executor has the power to liquidate the testator’s assets. In New York State, an executor is personally liable for any claims made by a creditor of the estate if the claim is made within seven months of the executor being appointed and the executor distributed the assets of the estate to the beneficiaries. Therefore, the best course of action is for an …

Yes. You will be treated the same as any Executor, whether you are a resident of New York or not. It does not matter.

If you suspect the executor is not fulfilling his or her fiduciary duties, you can file a Petition to Compel an Accounting by the Executor. This will require the executor to produce a full accounting of his or her activities, including all transactions involving estate assets.

There is a simplified procedure known as a “Small Estate Proceeding” or “Voluntary Administration” which may be available when the decedent dies leaving personal property (not real estate), such as bank accounts, vehicles, shares of stock, etc. having a total value of $30,000 or less.
The person appointed to administer a small estate is referred to as a “voluntary administrator” and is usually the executor named in the decedent’s Will, or the decedent’s surviving spouse or child if there is no Will. Unlike an executor or administrator, the voluntary administrator does …

Property received by inheritance currently receives a “stepped-up” basis to its date of death value. Therefore, if that property is subsequently sold by you, any capital gain (or loss) to be reported on your personal income tax return is calculated as the difference between the sale price and the date of death value. The appreciation in value of that capital asset which occurred during the decedent’s ownership of the asset avoids capital gains taxation.

Generally speaking, property received as a gift, bequest or inheritance is not included in your income for tax purposes. However, that property later produces income, such as interest, dividends, rental, etc., that income is taxable to you.
In addition, there may be taxable consequences relating to amounts you inherit from retirement accounts owned by the decedent, such IRA’s and annuities. Thus, if you are a beneficiary of such an account, it is prudent to consult with your tax or financial advisor to discuss your distribution options.
With such retirement accounts, any amounts …

Both executors and administrators are entitled to collect commissions for serving as the personal representative of the estate. The commissions are set forth by statute and are based upon the size of the probate assets in the estate as follows:
5% of the first $100,000 in assets;
4% of the amount between $100,000 and $200,000;
3% of the amount between $200,000 and $700,000;
2 ½% of the amount between $700,000 and $4 million;
2% for amounts above $5 million.
It is important to note that all personal representatives must include in their gross income all commissions …

Assets owned by the decedent can be characterized as either “probate” assets or “non-probate” assets. Generally speaking, probate assets are those assets owned individually by the decedent and titled to the decedent alone, and assets specifically designating the estate as beneficiary.
Probate assets become part of the decedent’s estate and are distributed by the executor to the beneficiaries named in the Will, or by the administrator to the decedent’s heirs at law.
Non-probate assets include certain assets that pass by operation of law immediately upon the decedent’s death, such as assets held …