Reena Gulati Blog

Business succession planning is a critical aspect of ensuring the longevity and stability of any business. A well-thought-out succession plan is not just a prudent choice but often a legal requirement. Here are some of the key considerations and steps involved in business succession planning in the state of New York that every business owner needs to know.

Any person or person authorized by law can serve as the executor. There are exceptions as enumerated in the Surrogate Court Procedure Act §707.

The short answer is yes but it is not a definitive answer. If the estate of the decedent will take a long time to go through probate, if there is a will or in the absence of a will, the administration of the decedent’s estate will be protracted due to disputes within the estate, such as a will contest or the objection to the appointment of a nominated Executor for fear that that the nominee is unfit for the job or fails to qualify, a Preliminary Executor can be appointed.