When a deceased person dies with a will, an executor is appointed to manage their estate. They have to faithfully perform their duties and work for the interests of the estate and its beneficiaries. But in New York, there are some restrictions as to who can be named an estate executor for an estate that goes through probate.
Executors in New York have to be a minimum of 18 years of age and not judged as incapacitated by a court. Those with felony convictions are also not allowed to serve as New York estate executors. New York will also reject executors who they deem to be unqualified due to substance abuse, dishonesty, improvidence, a want of understanding, or any other reason they are found unfit to serve. They also can reject someone who is not able to read or write in English. Also, for the most part, New York executors must be United States citizens or non-U.S. citizens living in New York. Non-citizens living outside of New York, unless a co-executor living inside the state is appointed and this arrangement is approved by the judge. No other restrictions are placed on executors who live outside of New York.
New York estate executors are often required to obtain executor surety bonds in order to protect the interests of the estate and the estate beneficiaries.
Where can you instantly purchase an executor surety bond?
Colonial Surety offers the direct and digital way to obtain executor bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!