If your estate includes several investment funds and you have an investment manager at your local bank whom you trust, it may be prudent to name that person as a co-executor to handle the details regarding your investments. Clients often ask me if they can name co-executors for their will. 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. not legal advice. Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor. If one of the executors wishes to act alone, they must first get the consent of the other executors. All rights reserved. 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. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. If an executor or co-executor passes away before the testator does, the testator may designate a replacement by making a new will or a codicil to the existing will. Privacy Policy. 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. Each co-executor will be responsible for the actions of the other co-executors. Generally, that means they must work together unless the will grants the power to act independent of each other. But what happens when a will names two (or more) executors to have authority over the estate? And of course this could also lead to bad feelings between family members that could last for years or even a lifetime. However, it is rarely a good idea to do so. attorneyalbertgoodwin@gmail.com, Albert Goodwin, Esq. We believe reflecting on our mortality can help us lead more meaningful lives. You also may limit the duties of each co-executor by expressly identifying in the will which specific duties each co-executor will be responsible for carrying out. 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. In that case, you may want to limit the investment managers duties to your investment assets and let your spouse handle the personal matters of your estate. Matters can get complicated when an executor or beneficiary occupies a property and expresses a wish to remain there, but the other executor(s) or beneficiaries want to sell it. 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. If probate is needed, this written confirmation can then be sent by the other acting executor(s) to the Probate Registry alongside the rest of the grant application. Under Georgia law, those two co-executors must now act as one. Known as co-executors, each party named to administer the will has complete authority over the estate and must cooperate closely with one another on all aspects of settling the estate. 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. Still, probate doesn't have to be a scary process. This does not always end up so well, as it can lead to a decision that the other co-executor does not approve. People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. 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. Can joint executors act independently? For information about opting out, click here. The acts of any one of them in respect of the administration of the estate are deemed to be acts of all. Can joint executors act independently? The will should contain an outline of the responsibilities that the co-executors hold. In cases where no contingent executor exists, the court steps in and appoints one. If they cannot get an agreement, then they may need to seek legal help. 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. You know having a last will is importantit protects your family and provides for your final wishes. Or perhaps they have children who dont get along well, and they think that naming both of these children as executors will help remedy the situation to at least some degree when the will is probated. It might be that executors will have differing views on what should happen to the property of the person who has died. If one of the executors wishes to act alone, they must first get the consent of the other executors. Co-executors are legally required to work together, It might be that a co-executor doesnt want to be involved, There are situations where a co-executor will be unable to act, When disagreements arise between co-executors. There are three ways that a co-executor can be removed: Whether to appoint an executor, co-executor, or contingent executor is an important part of the will-making process. However, if the court determines that a personality conflict between a co-executor and the beneficiaries is significant and ultimately unworkable, the court may always remove the co-executor. Get the right guidance with an attorney by your side. completeness, or changes in the law. A doctor or other medical practitioner can complete this on a Form PA14, which you can find at GOV UK. If the will is silent on the issue, then unanimous consent is required. Co-Executors do not share partial authority over the estate; each person you name as an Executor has complete authority over the estate. We represent clients throughoutSugar Landand the rest of Fort Bend County and elsewhere. completeness, or changes in the law. With a more complicated estate however, it can be beneficial to have more than one executor. Can co-executors act independently BC? But in trying to prevent complications by naming their children as co-executors of the estate, parents often unwittingly create a larger web of complex legal and fiduciary challenges for their children to navigate on their own. So, before you start naming co-executors in your will, you should understand the reasons why you might want to have them. 718-509-9774 This is especially true if some of the co-executors live out of town or out of state, or if the co-executors have a tendency to disagree. 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 a person named as executor in the will of a decedent, or nominated as an executor by holders of a power as described in section 2107.65 of the Revised Code, refuses to accept the trust, or, if after being served notice for that purpose, neglects to appear and accept, or if the person named or nominated as executor neglects for twenty days . If you are an executor who needs representation in an estate matter, we at the Law Offices of Albert Goodwin are here for you. It can also be good to involve more than one family member to help avoid disagreements and distrust arising at what will be a difficult time. LegalZoom provides access to independent attorneys and self-service tools. Co-Executors are two or more people who are named as Executors of your Will. Most people name an executor in their will, as well as one or more contingent executors, who step in if the primary executor dies or is otherwise unable or unwilling to act. Basically, neither of you may act independently of the other. Providing you believe they can get along and cooperate, co-executors may be advantageous for the following reasons: There may be other reasons unique to your situation that would make having co-executors a good idea. 5. TITLE 2. 3. By drafting a living trust, designating beneficiaries, and holding property jointly, you may be able to avoid probate. The estate contains various assets, including an expensive car and some horses. He has practiced law in Hawa 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. Documents to transfer property and to be filed with the court may require the signature of all co-executors. Despite this difference, the duties of the co-executors are exactly the same as the duties of an individual executor. Attorneys with you, every step of the way. . But there may be specific duties that the executor will have to carry out, such as investing assets or running a business, for which the surviving spouse is simply not well-suited. Privacy Policy. You will ultimately encounter lawsuits and claims against the estate if the two of you don't find common ground. You want to make sure you have all your assets covered, but did you know that not all property can be bequeathed through a last will and testament? Co-executors will need to work together to deal with the estate of the person who has died. When you and someone else are named as co-executors in a Will, that essentially means that you must execute the Will together. The executorship of a will comes with a lot of responsibilities and duties. Here are some of the benefits of having co-executors: With that said, here are some of the disadvantages associated with naming co-executors to your estate: You should not be discouraged from appointing co-executors just because there might be some disagreements. What's the Difference Between a Durable and a Regular Power of Attorney? Attorneys with you, every step of the way. Usage of any form or other service on our website is An executor, called personal representative in Maryland, has an important role in the estate administration process. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors. 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. It's a topic no one likes to think about: the inevitable clean-out of your parents' belongings. (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. Still, probate doesn't have to be a scary process. Likewise, having more than one executor can easily cause bad or difficult feelings between the co-executors, whether they got along before the probate process or not. By clicking "Accept", you agree to our website's cookie use as described in our Cookie Policy. Appointing two executors who have conflicting interestsor who can't stand each otheris a sure way to complicate the probate process and increase the chances of litigation over the estate. Co-Executors do not share partial authority over the estate; each person you name as an Executor has complete authority over the estate. For married people, that trusted person is usually their spouse. However, for most courts, the issue causing the difficulty between a co-executor and the beneficiaries must be more than just a personality conflict. If a co-executor has died, the surviving executor(s) will need to get a copy of the death certificate for their records. When more than one person is appointed to act as 'co-executors', decision-making as between the executors will be governed by the will. Want to enquire about any of our services? etc. Co-Executors must act together in all matters related to settling the estate. Albert Goodwin, Esq. Knowing what probate actually involves will help ease your fears about the process, one that isn't always as complex as you might think. This is one of the main reasons we don't recommend a co-executor designation. And What Happens if One Does? Appointing co-executors is always an option. The court must approve many actions of the personal representative, who must also file annual settlements that are fully reviewed and audited by the probate division. (755 ILCS 5/6-3) (from Ch. 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. M, ultiple opinions can lead to conflict between or among co-executors, Resolving conflict between or among co-executors can cause delays in the probate process, Often, each co-executor is responsible for executing legal documents involving the transfer of property; acquiring numerous signatures also can cause delay, If co-executors are named for the wrong reasons, such as to be fair or to avoid tension among siblings, there may be someone appointed who is not particularly competent to serve in this capacity, which may cause conflict or dissention among the other co-executors or the beneficiaries, If the co-executors believe that there is an impasse with another co-executor, they may seek the advice of. Paying Bills in the Wrong Order The executor of a deceased person's estate is a fiduciary, someone legally and ethically bound to manage assets in the best interests of another party. Edward A. Haman is a freelance writer, who is the author of numerous self-help legal books. Certain situations require multiple . If only one coexecutor is signing these documents, then they are putting themselves, the other co-executor and the estate at . 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. Call us today at (281) 242-0995 or fill out ouronline contact formto schedule a free consultation. There are advantages and disadvantages to naming co-executors of your estate rather than just one executor. It's a good idea to try and get the SRA to confirm this in writing if possible. 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. More information about designating co-executors can be obtained by consulting an attorney or using an online service provider. But, they reserve the right to apply for probate at a future date, should they later decide that theyd like to be involved. In Virginia, a nonresident executor must appoint someone who lives in the state to act as an agent. . The person appointed by the Deceased in their Will to deal with their Estate is known as the Executor. They all hold the same authority over the estate. They would need to hire a lawyer together, go to the probate court together, sign all checks and any other documentation for the estate together, make decisions on real estate together, etc. Your will can dictate how co-executors fulfill their duties. One co-executor can make decisions on the estate. With a bit of preparation you can put your mind at ease now and save your loved ones a lot of trouble later. Fairness, Security, and Competence. Family members may be excellent candidates to serve as co-trustees or successor trustees when a Grantor is alive. We are not attorneys and are not providing you with legal Joint Executors will need to resolve these disputes and act in agreement in order for Probate to move forward. When communication between co-executors severely breaks down, it can take time and money to fix the relationship. Lasting and enduring powers of attorney are legal documents that give authority for people to act on behalf of someone else. This will be the responsibility of the other named executors. People may disagree on whether these were true gifts or whether they were intended to be loans. 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. An executor can apply to the Probate Court to have another executor removed. Regular communications between executors can help stop any differences of opinion becoming a bigger problem. This means that: Co-Executors must collaborate on decision-making and information-sharing with regard to settling the estate If probate is needed, a medical certificate confirming that the executor has lost capacity may need to be submitted by the other acting executors to the Probate Registry, alongside the grant application. Can One Executor Act Without the Other? Top 5 Must Dos Before You Write a Living Trust. Whats a Co-Executor of a Will or Estate? This means that: . There are some instances in which it makes sense to name co-executors and in which it can make probate easier: for example, naming a spouse and another third-party (with little to no stake in the estate) as co-executors may help ensure that your will is honored and inheritances are handled competently without overwhelming your grieving spouse with paperwork and a lengthy probate process. not legal advice. This link will open in a new window. forms. So, each co executor should be working together with the other co executor to administer the estate. If youre thinking about making a will and appointing joint executors, weve written a helpful guide. email. 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 . You want to make sure you have all your assets covered, but did you know that not all property can be bequeathed through a last will and testament? Now that you're finally sitting down to write that will, be on the lookout for these common but easy-to-avoid mistakes. 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. Acting without the consent of other co-executors can end up in a conflict, which can end result in litigation and possibly in the court reversing a co-executors decision. 1, eff. Long-standing conflicts unrelated to the estate, One co-executor feeling that he is doing most of the work, One co-executor feeling that the other is usurping what should be shared responsibilities. Disputes can also arise when personal belongings are being valued and distributed. All co-executors will have to abide by the judges decision. (b) An act continues to be valid for all intents and purposes in regard to the rights of an innocent purchaser who purchases any of the estate property from the executor or administrator for valuable consideration, in good faith, and without notice of any illegality in the title to the property, even if the act or the authority under which the act was performed is subsequently set aside, annulled, and declared invalid. That executor (the residuary beneficiary) wants to see the particular assets sold, but the other is stalling, and not agreeing to any steps being taken. Full Powers Are a Must Technically, in California all actions you take as an Executor require Court approval, especially selling real estate. Who Can Be Co-Trustees First look to trust document. Thank you for subscribing to our newsletter! For example, your will can designate three co-executors and provide that decisions be made by a majority vote, that all co-executors must take action together, or that any one of them has authority to act alone. We will act on your behalf in obtaining probate and dealing with the estate. Co-independent executors are most commonly named by parents of multiple children who wish to not cause additional complications after death through resentment of who is chosen to be executor of the will. Here are some tipsto help make the process easier, not only for you but also for your parents and other loved ones. Don't make these common mistakes when writing your last will. Duty of executor to present will for probate.) Executors are entitled to estate commissions for any monies they pay out to the beneficiaries. Joint executors can act independently, provided they have the agreement of other executors to do so. We will be happy to discuss your current circumstances and explain all available options to you. Some benefits associated with designating co-executors include: Having more than one executor can lead to conflict between co-executors. If you have more than one executor, then these co-executors must perform all these duties together. It is not necessarily the case, however, that having co-executors for your estate will make the probate process run more efficiently. Copyright 2023 Romano & Sumner Law Firm. Our network attorneys have an average customer rating of 4.8 out of 5 stars. The court will examine the situation and decide on what is best for the estate, and then remove one of the executors. Many users would be better served consulting an attorney than using a do-it-yourself online ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY, SUBTITLE G. INITIAL APPOINTMENT OF PERSONAL REPRESENTATIVE AND OPENING OF ADMINISTRATION, CHAPTER 307. If the Will appoints executors to act together, then they are known as joint or co-executors. advice. 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 They may each have strengths that apply to certain aspects of the estate. It is essential to understand the rights and responsibilities you possess when you are named a co-executor on a will in New York City. The short answer is, yes, you can legally name co-executors for your will. We provide probate, wills and funerals with a difference, and so far we've helped over 60,000 families in the UK. 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. This link will open in a new window. The court must appoint that person unless someone else challenges your choice of executor and there is clear evidence that he or she is "incompetent or unsuitable" to serve. You know having a last will is importantit protects your family and provides for your final wishes. But if your spouse is not adept at running a business, you might also appoint your business partner as a co-executor and limit their responsibilities to managing or selling your business. The law sees each co-executor as one entity, so if one co-executor acts on duty or makes a decision, it reflects as if all did the action. If you have a business, it may be more efficient to have a co-executor who understands business matters. Can joint executors act independently? Copyright 2008-2023 A useful option in these situations may be for them to appoint an attorney to act on their behalf. One co-executor can make decisions in the estate. Here are some examples of things that would have to be done together by the co-executors. The logistics of all this alone are bad enough, and then there are so many opportunities for disagreements on how things should actually be done.