You will ultimately encounter lawsuits and claims against the estate if the two of you don't find common ground. by Keith Hajovsky | Apr 13, 2022 | Estate Administration, General Estate Planning, Probate, Wills. Copyright 2023 Romano & Sumner Law Firm. What is Involved. JOINT EXECUTORS OR ADMINISTRATORS. This does not always end up so well, as it can lead to a decision that the other co-executor does not approve. Co-executors will need to work together to deal with the estate of the person who has died. Usage of any form or other service on our website is We believe reflecting on our mortality can help us lead more meaningful lives. A useful option in these situations may be for them to appoint an attorney to act on their behalf. You can provide that your co-executors must act together or that each may act independently of the others. It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. Co-executors, on the other hand, are all primary executors who share the responsibility of managing the estate. Certain . Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. While the above scenarios demonstrate how naming co-executors can make estate administration easier, the unfortunate reality is that probate often becomes much more complex and stressful if the named co-executors do not cooperate or live near one another. The other executors will need to put together evidence and they should seek professional advice from a contentious probate expert. First, many parents choose co-executor children in an attempt to seem fair. This website contains general information 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. Some siblings get along very well, whereas in other families there are varying degrees of conflict. Probate follows the terms of a will as well as state law. Some benefits associated with designating co-executors include: Having more than one executor can lead to conflict between co-executors. A professionally appointed attorney would be able to offer advice, guidance and options to the executors and will remain independent throughout. Answered in 7 minutes by: Estate Lawyer: Co-executors are regarded in law as one person. Hiring an experienced estate planning or probate attorney to discuss your options may be in your best interests, depending on your situation. Do I need probate if my husband or wife dies? The probate process ensures that a deceased person's debts are paid and property is distributed in an orderly way. Co-executors will need to work together to deal with the estate of the person who has died. With co-executors of a will, they must both work together, sign documents together, and make joint decisions. Any information you provide to Cake, and all communications between you and Cake, And in other ways this creates lots of opportunities for disagreements and hard feelings between the co-executors, because it is rare when two people are completely in agreement as to how, when and where things should be done. For example, one may have special knowledge in real estate and another in dealing with digital assets, or one may be good at organizing the paperwork and the other at communicating with heirs and creditors. Documents to transfer property and to be filed with the court may require the signature of all co-executors. One way to lessen the burden for all parties is to name co-executors. 3min read. Certain situations require multiple executors at all times. There are advantages and disadvantages to naming co-executors of your estate rather than just one executor. 6-3. In general terms, alternate executors are substitutes for the primary executor. Can two executors act independently? An executor of a will has the following responsibilities: The executor of a will has a duty to act in good faith, to follow the testator's wishes as expressed in the will, and to act in the interests of the heirs and creditors. Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost. Is the broker-attorney entitled to a commission for selling the mansion? Our probate specialists are here to help and can offer you a free, no obligation quote over the phone. It may be that co-executors dont want to step away from the estate administration, but they cant see a way of communicating and working together. One co-executor can make decisions on the estate. The short answer is, yes, you can legally name co-executors for your will. After all, two minds are better than one, right? With careful planning, probate can sometimes be avoided. A bond may be required unless your executor serves with a resident coexecutor. Co-Executors in Pennsylvania must serve jointly. If . Our expert guidance can make your life a little easier during this time. Don't make these common mistakes when writing your last will. The basis for a contested removal would be that the co-executor is unfit to act as executor: s.34(1)(c). Sometimes co-executors may work fine with each other but may have difficulty working with one or more beneficiaries. We represent clients throughoutSugar Landand the rest of Fort Bend County and elsewhere. An executor also need to be able to keep and organize adequate records, including court papers and accounting documents. The attorney could be a family member, friend or a paid professional. Choosing an executor is an important part of executing a will. It can be helpful for executors to share the burden, particularly if the winding-up takes many months and involves a large amount of correspondence. etc. Co-executors will need to work together to deal with the estate of the person who has died. If probate is needed, the Court can in some cases agree that it would be better for the estate to go ahead with the application without notifying a co-executor. Instagram. If probate isnt required, the surviving executor(s) may need to show the death certificate to companies holding assets for the estate, before they will agree to release any funds. Can Cordelia sell the antiques without the consent of her co-fiduciaries? Second, some people choose co-executors because they . Copyright 2008-2023 For more assistance with choosing who will handle your estate after you pass, you may wish to consult with an attorney or with a probate specialist. However, you are not qualified to act for this estate until you have taken the oath of office and filed any required bond. My . As previously mentioned, both parties must be in complete agreement with all matters pertaining to the estate, and must sign off on these matters jointly. It can be difficult to say whether it is easier or harder to have a co-executor administer an estate administration with you, but it does make things different. How You Can Avoid It. (a) Within 30 days after a person acquires knowledge that he is named as executor of the will of a deceased person, he shall either institute a proceeding to have the will admitted to probate in the court of the proper county or declare his refusal to act as executor. When the signature of a co executor of the will is required for the estate to act (to sell a home for example) both of the coexecutors should be signing the various documents (including deeds to real property) together. Theyve confirmed that theyre happy for their co-executor(s) to act on their own. Generally, co-independent executors are expected to cooperate on matters surrounding: Applying or petitioning to probate an estate; Signing property deeds and titles for transferring assets; Signing for the estate's financial accounts, investment accounts, tax returns and other additional paperwork; Paying the estate's bills and debts; and How does an executor sign a deed? For married people, that trusted person is usually their spouse. We have offices in New York, NY, Brooklyn, NY and Queens, NY. Quite frankly, although you may think that naming co-executors will help take care of a difficult choice or problem, in many ways this often creates more possibilities for difficulties and failures than anything else. Despite this difference, the duties of the co-executors are exactly the same as the duties of an individual executor. Now that you're finally sitting down to write that will, be on the lookout for these common but easy-to-avoid mistakes. This article explains some of the things you may need or want to know as a co-executor. Can One Executor Act Without the Other? Joint executors can act independently, provided they have the agreement of other executors to do so. They must communicate and work with each other to satisfy these responsibilities. 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 . They have a joint and entire authority over the whole property which is committed to their care. 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. That said, sometimes it makes sense to name two executors. What assets need to be listed for probate? are not protected by an attorney-client privilege and are instead governed by our Privacy Policy. Alternatively, call or send us an email using the details below. 0 found this answer helpful | 5 lawyers agree Helpful Unhelpful 0 comments Joseph Franklin Pippen Jr. However, you may not want your investment manager to be responsible for decisions involving the care of your dependent children. For example, you might designate your spouse and your business partner as co-executors. Because a power of attorney is one of the most important legal documents you can have, it's important to know whether you want a durable or regular power of attorney. What if one co-executor believes the will should be probated relatively soon while the other thinks a longer time of mourning is appropriate? Independent administration is more informal and eliminates the need for They may refuse to release funds to the estate until all the executors have signed their paperwork. This is called a fiduciary duty. If one of the executors wishes to act alone, they must first get the consent of the other executors. If a co-executor is under the age of 18 years at the date of death, they wont be able to act in the estate and wont be permitted to apply for a grant of probate. 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. For unmarried folks, it is often an adult child or a close friend. If only one coexecutor is signing these documents, then they are putting themselves, the other co-executor and the estate at . This also eliminates the need to be in close proximity to one another in order to sign paperwork and checks on behalf of the estate. Getting an Executor to Distribute the Estate, Defending Executors from Disqualification and Removal. So, each co executor should be working together with the other co executor to administer the estate. Applying or petitioning to probate an estate; Signing property deeds and titles for transferring assets; Signing for the estates financial accounts, investment accounts, tax returns and other additional paperwork; Monitoring the actions of the other co-executor closely. For example, you might designate your spouse and your business partner as co-executors. 307.001. Although this may spare some hurt feelings initially, this is usually the wrong reason to name a co-executor in your will. If it appears to the court that the personal dynamics between the co-executors will negatively affect the administration of the estate, the court may remove any of the co-executors and possibly appoint a new co-executor to take their place. Want to enquire about any of our services? 1, eff. Report Abuse TG Thomas Edward Gates (Unclaimed Profile) Update Your Profile Answered on Mar 19th, 2014 at 2:58 PM No, both must agree to anything involving the estate. The renouncing executor will need to sign a document called a Deed of Renunciation. Co-Executors do not share partial authority over the estate; each person you name as an Executor has complete authority over the estate. Having more than two co-executors can cause increased conflicts, as there must be a unanimous decision made among all executors regarding the estate. We will be happy to discuss your current circumstances and explain all available options to you. Ideally, anyone you choose as executor should be someone you trust. Occasionally, co-executors wont agree on things. Our complete probate service gives executors the option of appointing us as your attorney. 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. You must both apply to Probate the Will together. Co-Executors are supposed to make decisions jointly regarding the Estate assets. In cases of extreme disagreements, one executor (or a beneficiary) may decide . is an important part of executing a will. 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. Read more. (a) Except as provided by Subsection (b), if there is more than one executor or administrator of an estate at the same time, the acts of one of the executors or administrators in that capacity are valid as if all the executors or administrators had acted jointly. The court normally will not remove a co-executor at the request of the beneficiaries just because they dont get along. If any of the estate is still left to be dealt with when the child turns 18, then the executors will need to apply for a new grant with all their names on it. Each Co-Executor named in your Last Will and Testament will have authority over your estate, and therefore must collaborate and work together to ensure your estate is settled in accordance with your wishes. Some of the decisions may already be addressed in the will. This applies to all aspects of the probate process. Powers of executor before qualification. form. January 1, 2014. In these situations, an executor cannot act independently. Joint executors can act independently, provided they have the agreement of other executors to do so. Family members may be excellent candidates to serve as co-trustees or successor trustees when a Grantor is alive. 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. Oftentimes, they will consider naming Co-Executors - two or more people who serve as executor of the estate. not LegalZoom, and have not been evaluated by LegalZoom for accuracy, It is not then possible for a joint or co-executor to act alone in the estate administration unless the other executor (s) give their agreement. If you are an executor who needs representation in an estate matter, we at the Law Offices of Albert Goodwin are here for you. One co-executor can make decisions in the estate. More information about designating co-executors can be obtained by consulting an attorney or using an online service provider. A co-executor of a will or estate is someone you name in your will to share the duties of administering the estate with another person (another co-executor). Judicial Accounting in New York. An executor can receive a fee of up to 2 percent of the value of the estate as provided by Iowa law. Can joint executors act independently? Ensure your loved ones and property are protected, Property you should not include in your last will. If they don't live near each other, this can cause delays in transmitting documents back and forth for signatures. The will should contain an outline of the responsibilities that the co-executors hold. Co-Executors must act together in all matters related to settling the estate. Pennsylvania allows Executors to take a reasonable fee for the administration of the estate. Many users would be better served consulting an attorney than using a do-it-yourself online A co-executor should not act . The court can direct the co-executors to act in whatever way it deems best for the estate and the beneficiaries. Whats a Co-Executor of a Will or Estate? If probate is needed, the acting executor will need to send the original signed Deed of Renunciation to the Probate Registry, alongside the rest of the grant application paperwork. It's a topic no one likes to think about: the inevitable clean-out of your parents' belongings. If they cannot get an agreement, then they may need to seek legal help. Can two attorneys represent three co-executors during the administration of the estate? If you are selecting co-executors, particularly if they are siblings, it is important to evaluate their ability to collaborate in exercising their duties. The reasons for making the application will need to be compelling if its going to be successful. 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.