In this case, it may be prudent to name a co-executor who is qualified to fulfill these specific duties. Well, not always. 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. 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. Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor. completeness, or changes in the law. If one co-executor has decided that the others did not authorize, a lawsuit may be the next step to reverse that particular action. Disputes can also arise when personal belongings are being valued and distributed. 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. No, executors are fiduciaries, which means that they are entrusted and legally obligated to put the interests of the estate before their own. 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. Joint Executors will need to resolve these disputes and act in agreement in order for Probate to move forward. 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). Family members may be excellent candidates to serve as co-trustees or successor trustees when a Grantor is alive. And if the disagreements get too out of control, then the probate judge will have to step in to try to help get things moving in an appropriate way. completeness, or changes in the law. Ideally, anyone you choose as executor should be someone you trust. . If you have a business, it may be more efficient to have a co-executor who understands business matters. 307.001. Still, probate doesn't have to be a scary process. Powers of executor before qualification. 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. This website does not form an We're available Mon-Fri 5 a.m. to 7 p.m. PT and weekends 7 a.m. to 4 p.m. PT. They have a joint and entire authority over the whole property which is committed to their care. In Virginia, a nonresident executor must appoint someone who lives in the state to act as an agent. 300 Cadman Plaza W What assets need to be listed for probate? You can name as many co-executors as you wish. Your oath, if not taken at the hearing, should be taken no later than 20 days from the date the Court signed the order appointing you as Independent Executor. Co-executors can divide up the work and consult each other if questions or problems arise. 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. 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. For example, you might designate your spouse and your business partner as co-executors. My . This link will open in a new window. He has practiced law in Hawa An unmarried person with adult children often names an adult child as the primary executor. 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. You can provide that your co-executors must act together or that each may act independently of the others. The short answer is, yes, you can legally name co-executors for your will. All rights reserved. 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. This would authorise their attorney to act on their joint behalf to apply for probate (if needed) and deal with the estate administration. But even if conflicts or problems arise with an individual co-executor, the estate does not have to be paralyzed in the probate process. etc. Certain situations require multiple . If you are unable to find suitable candidates, it is possible to appoint a professional executor to act. The first job will be to obtain the Will. 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. So, each co executor should be working together with the other co executor to administer the estate. If you designate three or more co-executors, you can allow action to be taken by a majority vote. are not protected by an attorney-client privilege and are instead governed by our Privacy Policy. 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. Call us today at (281) 242-0995 or fill out ouronline contact formto schedule a free consultation. Can two executors act independently? It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. If you have a business, it may be good to have a co-executor who understands business matters. 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. Lasting and enduring powers of attorney are legal documents that give authority for people to act on behalf of someone else. 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. If . 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. 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. Twitter. Here are some examples of things that would have to be done together by the co-executors. 110 1/2, par. If an executor decides to renounce probate, they will not be able to step back in at a later date. January 1, 2014. Can two attorneys represent three co-executors during the administration of the estate? Therefore, wills frequently set out a 'majority rule' standard for decision making. Second, some people choose co-executors because they . But what happens when a will names two (or more) executors to have authority over the estate? However, it is rarely a good idea to do so. (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. Our probate specialists are here to help and can offer you a free, no obligation quote over the phone. 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. Because of the problems that can arise due to a lack of proximity or cooperation, a viable alternative to naming co-executors is to name alternate executors instead. 6-3. 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. 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. What if one co-executor believes the will should be probated relatively soon while the other thinks a longer time of mourning is appropriate? You must both apply to Probate the Will together. 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. 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. At other times, though, some executors might want to be involved, and they might have disagreements. For example, a married person may name their spouse as the executor of their estate. Sometimes co-executors may work fine with each other but may have difficulty working with one or more beneficiaries. Every effort should be made to try to track down a missing executor named in the will. 1, eff. 5. Depending on the nature of your estate, appointing one person to handle all the duties of the executor may not be the best choice. Neither has the legal right to . A co-executor should not act . Surviving spouses are usually most familiar with the decedents finances and personal property or their intentions with respect to family members and loved ones after their death. Good luck to you. Making your living trust will be easier if you think it through and gather necessary information before you sit down to do it. This does not always end up so well, as it can lead to a decision that the other co-executor does not approve. Having co-executors does have its advantages, but it can also lead to conflict between co-executors and delays in the administration of your estate. Or what if one co-executor starts feeling like they are doing way more than their share of the work while the other one thinks the opposite? If you designate three or more co-executors, you can allow action to be taken by a majority vote. Can joint executors act independently? The reasons for making the application will need to be compelling if its going to be successful. However, an executor can request additional compensation based on the size of the estate, the time spent and the overall complexity of the estate. Advantages of co-executors Providing you believe they can get along and cooperate, co-executors may be advantageous for the following reasons: At Farewill we're making everything to do with death easier, friendlier and more affordable. 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. Co-executors may each have strengths that apply to certain aspects of the estate. not legal advice. For married people, that trusted person is usually their spouse. A client walks in who wants to create a trust or will and who has two (or more) children. 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. Edward A. Haman is a freelance writer, who is the author of numerous self-help legal books. The co-executors will eventually have to agree to disagree and come up with a solution to the conflict. And of course this could also lead to bad feelings between family members that could last for years or even a lifetime. However, you are not qualified to act for this estate until you have taken the oath of office and filed any required bond. 2min read. Oftentimes, they will consider naming Co-Executors - two or more people who serve as executor of 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. Sec. This may include closing bank accounts, paying off any debts, and selling or transferring property so they can share everything out between the beneficiaries of the will. There must be some negative impact on the estate or the interests of the beneficiaries before the court will remove a co-executor at the request of the beneficiaries. Co-executors will need to work together to deal with the estate of the person who has died. In some cases, however, simply trusting your executor may not be enough to feel confident that your estate will be handled properly when you die. Thank you for subscribing to our newsletter! Now that you're finally sitting down to write that will, be on the lookout for these common but easy-to-avoid mistakes. 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. Judicial Accounting in New York. We'll help you get your affairs in order and make sure nothing is left out. The only circumstances in which jointly appointed Executors can act alone is if the other Executor(s) formally step down from their role. That said, sometimes it makes sense to name two executors. JOINT EXECUTORS OR ADMINISTRATORS. Co-Executors must act together in all matters related to settling the estate. Co-executors will need to work together to deal with the estate of the person who has died. For example, if it's going to be too time consuming and expensive to locate them. Can Co-Executors Act Independently? If an agreement cannot be reached this way, the next step would be for each Executor to seek independent legal advice. Usage of any form or other service on our website is Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost. 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. When a will has multiple executors, they are called co-executors. By drafting a living trust, designating beneficiaries, and holding property jointly, you may be able to avoid probate. There are reasons why you might want to appoint what are called co-executors.. It might be the case that probate has already been granted by the Probate Registry, but as the estate administration goes on, it becomes clear that one of the executors isnt doing their job properly. 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. Corporate trustees are allowed so long as they can exercise trust powers in Texas. Pennsylvania allows Executors to take a reasonable fee for the administration of the estate. If one of the executors wishes to act alone, they must first get the consent of the other executors. Here are the basics so you'll know what to expect. If one of the executors wishes to act alone, they must first get the consent of the other executors. If your parents are still around and can communicate their wishes, involve them in the process. An executor cannot renounce if theyve already started to deal with the estate administration. Get the right guidance with an attorney by your side. 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. By clicking "Accept", you agree to our website's cookie use as described in our Cookie Policy. This portion of the site is for informational purposes only. If a co-executor has died, the surviving executor(s) will need to get a copy of the death certificate for their records. Fairness, Security, and Competence. While an Executor is generally not held liable for the actions taken by their Co-Executor, they may be required to make a claim against the Co-Executor to protect the estate, or risk liability. If the co-executors believe that there is an impasse with another co-executor, they may seek the advice of the probate court on whatever the issue may be. A joint Executor will not usually be able to act alone unless the other Executors formally agree to this. Certain . The only difference between a co-executor and an executor is that a co-executor shares the responsibilities of administering the estate with another co-executor. One act done by one individual co-executor, is seen by law as all executors acting upon the decision, so its best to have all co-executors communicate and always be in agreement. If so, consider the appointment of an independent co-executor such as the will-maker's accountant (bear in mind that professional executors will charge for their services and non-beneficiary executors [whether professionals or not] are likely to claim commission). For example, one may have special knowledge in real estate and another in dealing with digital assets. Who's the next of kin in case of inheritance? There are advantages and disadvantages to having co-executors manage your estate. He has practiced law in Hawa There are several reasons why people choose to have co-executors. Itll be too late for them to renounce and they wont be able to receive a Notice of Power Reserved from another executor, as theyll lack the necessary capacity to understand what this is. forms. This option is much more final. There can be one or more Executors appointed in the Will, but the maximum number of Executors that can apply for a Grant of Probate is four. One executor cannot move forward without the other's cooperation. You must both apply to Probate the Will together. 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? Too Slow? TITLE 2. An executor also need to be able to keep and organize adequate records, including court papers and accounting documents. A personal representative's primary duties include marshaling the estate assets upon the decedent's death, paying, debts, expenses and taxes, and then making distribution . They might not be acting appropriately or in the best interests of the estate. The court and the beneficiaries will hold each co-executor equally responsible for estate duties. We believe reflecting on our mortality can help us lead more meaningful lives. If they cannot get an agreement, then they may need to seek legal help. Determining whether an estate has assets that are not subject to probate can save you time and money. Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost. We will act on your behalf in obtaining probate and dealing with the estate. For unmarried folks, it is often an adult child or a close friend. However, when you first petition the court to act as Executor, you can ask for full powers under the Independent Administration of Estates Act. One co-executor can make decisions in the estate. Thus one of two executors may assign a note belonging . 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. Two executors equal double the commissions. Do they have to work together, or can each executor act on his own? Generally, co-independent executors are expected to cooperate on matters surrounding: In instances where unethical, illegal or otherwise obstructive behavior is repeatedly observed by one co-executor, they may petition to have the other removed from their position and asume executor responsibilities independently. If one of the executors wishes to act alone, they must first get the consent of the other executors. Our network attorneys have an average customer rating of 4.8 out of 5 stars. This can cause delays in the probate process. Of course, this usually involves selecting co-executors who don't fully trust each other, which can also increase the likelihood of conflict between them. What's the Difference Between a Durable and a Regular Power of Attorney? 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. Can joint executors act independently? If you need a consultation about your specific situation, you can send us an email at attorneyalbertgoodwin@gmail.com or call us at 718-509-9774. Copyright 2008-2022 If the will names co-executors, it is important to know that: Both executors must sign the initial petition with the probate court. Do I need probate if my husband or wife dies? Attorneys with you, every step of the way. Don't make these common mistakes when writing your last will. The short answer is, yes, you can legally name co-executors for your will. It could also be the case that executors dont agree on the value of the property - perhaps one executor wishes to undervalue it to get a quick sale, whereas the other(s) would like to hold-off on the sale and do some development work to try and increase the property value. If one co-executor dies or is removed during the probate process, the remaining co-executors are still responsible for administering the estate. The other executors will need to put together evidence and they should seek professional advice from a contentious probate expert. If you have any questions, please contact me directly. What is Involved. 64.2-511. JOINT EXECUTORS OR ADMINISTRATORS. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. 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.