E289 Why You Need a Local Executor in New York

<p>Most people correctly assume you need a local executor in New York, but they may not know exactly why. Let’s review a few real-world scenarios and reasons why you need an executor local to New York.</p> <h2>KYC requirements</h2> <p><img class="aligncenter size-medium wp-image-42857" src= "https://anthonyspark.com/wp-content/uploads/2022/09/KYC-requirements-300x169.jpg" alt="KYC requirements" width="300" height="169" /></p> <p>KYC stands for “know your customer,” and this applies to banking requirements. Banks take steps to make sure the customer is who they say they are. This helps prevent fraud, terrorism, and money laundering. Often banks require meeting the executor in person to close an account or open the estate account – they have to physically see the authorized person sign the opening and closing documents.</p> <p>This may seem hard to believe, since you can open a bank account via text, app, website, etc. in minutes nowadays! However, in probate, an executor represents someone else (the estate or the heirs). Going to the bank in person is usually required and very inconvenient for an executor who lives far away.</p> <p>The process also applies to brokerages or any regulated financial institution.</p> <h2>Selling New York real estate</h2> <p><img class="aligncenter size-medium wp-image-42858" src= "https://anthonyspark.com/wp-content/uploads/2022/09/Selling-New-York-real-estate-300x169.jpg" alt="Selling New York real estate" width="300" height="169" /></p> <p>First, we’ll talk about the physical logistics such as the cleanout, renovations, and choosing the broker. It may be possible to do these things remotely, but it’s better to be there in person to oversee that nothing is breaking and that the renovations are up to par. Someone should be there to make sure the personal effects are sent to the heirs properly. Similarly, would you buy a home by video, or would you like to see it in person?</p> <p>Choosing a broker in person is important to help get a sense of whether they understand the nuisances of t