Co-executors may each have strengths that apply to certain aspects of the estate. Choosing an executor is an important part of executing a will. For example, a parent with three adult children might name all three children as co-executors because they dont want to leave anyone out or make anyone feel that they favor one child over the others. However, an executor can request additional compensation based on the size of the estate, the time spent and the overall complexity of the estate. The court can direct the co-executors to act in whatever way it deems best for the estate and the beneficiaries. If they don't live near each other, this can cause delays in transmitting documents back and forth for signatures. 1. At Farewill we're making everything to do with death easier, friendlier and more affordable. He has practiced law in Hawa not LegalZoom, and have not been evaluated by LegalZoom for accuracy, Having more than one executor makes the probate process much less efficient. Call us today at (281) 242-0995 or fill out ouronline contact formto schedule a free consultation. Because co-executors must act together and in agreement, naming multiple executors can cause delays, hardships and disagreements. When this does not work out, disputes can arise. Terms of Use and First, many parents choose co-executor children in an attempt to seem fair. A co-executor has the same duties as a single executor, primarily to: In addition, a co-executor has the duty to assure that any other co-executors fulfill their duties. For example, you might designate your spouse and your business partner as co-executors. [email protected], Albert Goodwin, Esq. A New Jersey court has held that a co-executor's "unbridled belief she could act unilaterally in administering the decedent's estate without the need for consent from the co-executrix [may] amount [] to a breach of the [co-executor's] fiduciary duty [and] [constitute] cause for her removal." 6-3) Sec. While the general responsibilities and obligations of an executor remains the same for both parties, the key difference is that the two parties must work together despite having equal control over the estate. To speak with one of our specialist Wills & Probate Lawyers, please call us now on 0117 952 0698 or Make A Free Will Enquiry . This link will open in a new window. If the primary executor is unable or unwilling to perform their duties towards the estate, an alternate executor is then able to assume full responsibility of the estate without contest. When more than one person is appointed to act as 'co-executors', decision-making as between the executors will be governed by the will. (755 ILCS 5/6-3) (from Ch. 12th Floor Co-Executors are supposed to make decisions jointly regarding the Estate assets. A co-executor may take steps or actions required by the will or by probate without the other one (s) being involved--they don't have to always act jointly or as a group; BUT the co-executor is bound to follow both the law, the court rules, and the dictates of the will. Can co-executors act independently BC? Can joint executors act independently? Usage of any form or other service on our website is etc. But, they reserve the right to apply for probate at a future date, should they later decide that theyd like to be involved. VALIDITY OF CERTAIN ACTS OF EXECUTORS AND ADMINISTRATORS. If you aren't convinced that you can fully trust any one person to serve as executor, co-executors can be used to keep each other honest. All co-executors will have to abide by the judges decision. If a single executor is named in a Will, there is a risk that they may die first, or over time may lose mental capacity. Whether "independent" or not, the executor's duties are to collect all of the assets, pay the debts and then distribute the balance in accordance with the terms of the will. Attorneys with you, every step of the way. We cannot give you customized advice on your situation or needs, which would require the service 64.2-511. We provide probate, wills and funerals with a difference, and so far we've helped over 60,000 families in the UK. 4610 Sweetwater Blvd #200, experienced estate planning or probate attorney. The probate process ensures that a deceased person's debts are paid and property is distributed in an orderly way. Alternatively, the court may appoint someone to serve as a new co-executor. We offer both an essential probate service, where we help you get the legal document, and also a complete probate service, also known as full estate administration. Depending on your circumstances, we may be able to create a unique estate plan to . 7 Tips for Getting Rid of Your Parents' Lifelong Possessions, Notifying the decedent's heirs and creditors of the probate, Managing and preserving the assets of the estate, Assuring that the estate is distributed to the appropriate heirs, as required by the will. If the co-executor is a law firm or lawyer and its believed that theyre no longer trading or practising, its best to check that this is correct with the SRA (Solicitors Regulation Authority). This portion of the site is for informational purposes only. But, the Court will only agree to do this once every possible search has been exhausted and in very exceptional circumstances. They may each have strengths that apply to certain aspects of the estate. That said, sometimes it makes sense to name two executors. Brooklyn, NY 11201 The primary duties of any executor are to: If you name co-executors, each of the individual co-executors will be equally responsible for fulfilling all of these duties. When someone is named as the executor of a will they become responsible for performing a series of duties in order to complete the probate process. What does it mean to act as an executor? Basically, neither of you may act independently of the other. not legal advice. Most people choose the person they trust the most in life because that person will be responsible for managing their entire estate. Terms of Use and We are not a law firm and do not provide legal advice. The 'next of kin' concept isn't complicated, but it does vary by state and also determines who inherits if you die without a will. If you have a business, it may be more efficient to have a co-executor who understands business matters. is an important part of executing a will. Are the fees of both counsel reasonable administration expenses payable from estate funds? The attorney could be a family member, friend or a paid professional. 110 1/2, par. Both signatures are required to sell property, open an estate bank account, and for other legal undertakings. LegalZoom provides access to independent attorneys and self-service tools. For married people, that trusted person is usually their spouse. A joint Executor will not usually be able to act alone unless the other Executors formally agree to this. This would authorise their attorney to act on their joint behalf to apply for probate (if needed) and deal with the estate administration. This means that: . When a co-executor dies, either before or during the probate process, the remaining co-executor or co-executors take over. It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. If one of the executors wishes to act alone, they must first get the consent of the other executors. Certain situations require multiple . Can an Executor of a Will Sell Property of the Estate? If one of the executors or administrators dies, resigns, or is removed, a co-executor or co-administrator of the estate shall proceed with the administration as if the death, resignation, or removal had not occurred. For example, if it's going to be too time consuming and expensive to locate them. In some ways this creates twice the work. When you're appointed as an executor for someone's will, often it'll be alongside other executors. If probate isnt required to deal with the assets in the estate, banks, investment companies and other asset holders may still insist that all the named executors in the will sign their closure forms. Some of the decisions may already be addressed in the will. They have a joint and entire authority over the whole property which is committed to their care. When having your Will drawn up, you should ideally select two executors who you believe will be able to do a good job in estate administration. The content is Disagreements between executors, although sometimes unavoidable, can cause worry, upset and uncertainty. They reason that if they choose one child to serve as an executor and not another, this might cause disharmony. Having co-executors can provide some degree of "checks and balances" through which each co-executor may exercise oversight of the others With that said, here are some of the disadvantages associated with naming co-executors to your estate: Having co-executors means having multiple opinions about estate issues. A co-executor has the same responsibilities as any other executor but has an additional duty to assure that other co-executors fulfill their fiduciary duties. It isnt legally possible for one of the co-executors to act without the knowledge or approval of the others. A fiduciary who fails to act through absence or disability, or a dissenting fiduciary who joins in carrying out the decision of a majority of the fiduciaries if his or her dissent is expressed promptly in writing to his or her co-fiduciaries, shall not be liable for the consequences of any majority decision, provided that liability for failure to For example, a married person may name their spouse as the executor of their estate. A trust (and other legal documents such as a Power of Attorney), may allow successor co-trustees to act in concert and exercise their powers jointly, or it may be written to allow either co-trustee to act independently. If the beneficiaries determine that a co-executor is not satisfying their responsibilities or is not acting properly with respect to their interests, they also may motion the court to remove the co-executor. Clients often ask me if they can name co-executors for their will. They should also be someone you believe has the ability to handle the duties of an executor, who needs to be able to communicate effectively with the court, the creditors of the estate, the heirs, and any attorneys, accountants, realtors, or other professionals needed to assist with the estate. With co-executors of a will, they must both work together, sign documents together, and make joint decisions. One act done by one individual co-executor independently is seen by law as all executors acting upon the decision, so it's best to have all co-executors communicate and always be in agreement. The statements and opinions are the expression of the author, Privacy Policy. Ultimately, the court will serve as a safeguard to the ineffectiveness or inefficiency of having co-executors by removing a co-executor if it is necessary for the proper administration of your estate. More information about designating co-executors can be obtained by consulting an attorney or using an online service provider. Co-Executors are two or more people who are named as Executors of your Will. Depending on the nature of your estate, it may be prudent to appoint more than one executor to best satisfy the needs of your estate and your beneficiaries. 3. I am often asked by prospective probate clients if they can serve as co-administrators or co-executors or co-personal representatives. However, you are not qualified to act for this estate until you have taken the oath of office and filed any required bond. You know having a last will is importantit protects your family and provides for your final wishes. email. Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost. The legal costs involved in making an application to remove an executor can be significant and whether this kind of action will be appropriate and proportionate will depend on the individual facts of the case and the value of the estate. Do they have to work together, or can each executor act on his own? To avoid this, you must give careful consideration to the potential needs of your estate and decide whether co-executors may be necessary to satisfy those needs. This option is much more final. Whats a Co-Executor of a Will or Estate? Dealing with the deceased individuals debts. Generally, an independent executor may sell estate property (real or personal) if funds are needed to pay expenses of administration, funeral expenses, expenses of last illness, and to satisfy claims against . If the primary executor dies, either before or during the probate process, the designated contingent executor takes over. So, each co executor should be working together with the other co executor to administer the estate. By drafting a living trust, designating beneficiaries, and holding property jointly, you may be able to avoid probate. With a bit of preparation you can put your mind at ease now and save your loved ones a lot of trouble later. The term "independent" co-executor typically is used to indicate the person has no interst in the estate. Thank you for subscribing to our newsletter! Use of our products and services are governed by our It may avoid feelings of favoritism to designate more than one of your children. 12 Things That Are Wrong with Your Last Will, Estate Planning: 11 Things to Do Before You Die, Assure that the estate is distributed to the appropriate heirs, as set forth in the will. It is important to know the difference between a co-executor and a single executor to be able to choose which is best for your estate.
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