All co-executors will have to abide by the judges decision. In cases where no contingent executor exists, the court steps in and appoints one. If the person who died made some large gifts in their lifetime, there may be disagreements between executors later. So, before you start naming co-executors in your will, you should understand the reasons why you might want to have them. The will should contain an outline of the responsibilities that the co-executors hold. Can One Executor Act Without the Other? Under Georgia law, those two co-executors must now act as one. 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. 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. Can co-executors act independently BC? 3min read. You must both apply to Probate the Will together. . Disputes can also arise when personal belongings are being valued and distributed. Our probate specialists are here to help and can offer you a free, no obligation quote over the phone. 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. This article will cover common co-executor questions. Regular communications between executors can help stop any differences of opinion becoming a bigger problem. 2012 - 2023 Keith Hajovsky. An executor's deed should be recorded in the real estate records of the county in which . This can add lots more time and legal fees to the whole probate process. This is one of the main reasons we don't recommend a co-executor designation. Assuming this matter is in probate court, with co-executors, generally two signatures are required, unless the court order states otherwise. This can lead to conflict and animosity between or among the co-executors, and can delay the probate process and undermine the purpose of naming an executor at all. However, you may not want your investment manager to be responsible for decisions involving the care of your dependent children. By clicking "Accept", you agree to our website's cookie use as described in our Cookie Policy. 307.001. One co-executor can make decisions in the estate. 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. 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. If there are two or more adult children, many parents name them as co-executors so that they aren't perceived as favoring one child. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY, SUBTITLE G. INITIAL APPOINTMENT OF PERSONAL REPRESENTATIVE AND OPENING OF ADMINISTRATION, CHAPTER 307. If one co-executor dies or is removed during the probate process, the remaining co-executors are still responsible for administering the estate. One co-executor can make decisions on the estate. The Court will need to consider whether its in the estates best interests to remove the executor and the effect this will have on the beneficiaries. 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. Get the right guidance with an attorney by your side. For example, you might name your spouse as a co-executor for the sole purpose of making decisions relevant to your estate that will affect your minor children. Both signatures are required to sell property, open an estate bank account, and for other legal undertakings. 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. No, executors are fiduciaries, which means that they are entrusted and legally obligated to put the interests of the estate before their own. Our network attorneys have an average customer rating of 4.8 out of 5 stars. If they cannot get an agreement, then they may need to seek legal help. Judicial Accounting in New York. 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. (a) This section applies only to an act performed by a qualified executor or administrator in that capacity and in conformity with the law and the executor's or administrator's authority. Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor. The purpose of appointing an executor is to effectively and efficiently administer your estate upon your death. Neither has the legal right to . In general terms, alternate executors are substitutes for the primary executor. It is advisable for executors to take legal advice before stepping aside. A persons will typically names one individual as the executor, meaning that they have complete control over the estate and any proceedings that follow as part of the probate process. A co-executor should not act unilaterally, nor hide information or facts from the other executors." OntarioProbate.ca The Benefits of Joint Executors Even with the drawbacks, having joint executors is still a popular choice and does work out well for many Canadians who know their executors are cooperative and up to the task. Lasting and enduring powers of attorney are legal documents that give authority for people to act on behalf of someone else. 12th Floor Yes and no. It is perfectly possible to act as a sole executor if the winding-up on an estate is simple. If one co-executor disagrees with the decision of the other co-executor, then action cannot be taken until the conflict is resolved and both parties are in agreeance. Second, some people choose co-executors because they . January 1, 2014. Clients often ask me if they can name co-executors for their will. Attorneys with you, every step of the way. not LegalZoom, and have not been evaluated by LegalZoom for accuracy, Why Do People Choose to Have a Co-Executor? completeness, or changes in the law. This link will open in a new window. Your will can dictate how co-executors fulfill their duties. The estate contains various assets, including an expensive car and some horses. This website contains general information This website does not form an This would authorise their attorney to act on their joint behalf to apply for probate (if needed) and deal with the estate administration. It's a good idea to try and get the SRA to confirm this in writing if possible. 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. 300 Cadman Plaza W Copyright 2008-2022 When multiple Executors act together on the administration of an Estate, disagreements can sometimes arise. Some benefits associated with designating co-executors include: Having more than one executor can lead to conflict between co-executors. One of the main reasons for naming more than one executor is in case someone is unable or unwilling to act when the time arises. Sometimes co-executors may work fine with each other but may have difficulty working with one or more beneficiaries. Ensure your loved ones and property are protected, Property you should not include in your last will. Getting an Executor to Distribute the Estate, Defending Executors from Disqualification and Removal. Privacy Policy. Edward A. Haman is a freelance writer, who is the author of numerous self-help legal books. If your parents are still around and can communicate their wishes, involve them in the process. Good luck to you. Copyright 2023 Romano & Sumner Law Firm. This portion of the site is for informational purposes only. You must both apply to Probate the Will together. The court will examine the situation and decide on what is best for the estate, and then remove one of the executors. Now that you're finally sitting down to write that will, be on the lookout for these common but easy-to-avoid mistakes. "supervised" or "independent." A supervised administration is closely monitored by the probate court. 5. A judge will hold a hearing for the co-executors to present their cases, and then the judge will make a decision that will favor one over the other. (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. Each co-executor will be responsible for the actions of the other co-executors. Because co-executors must act together to effectively and efficiently manage the probate process, they must be able to collaborate and communicate with each other. 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. Advantages of co-executors Providing you believe they can get along and cooperate, co-executors may be advantageous for the following reasons: Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost. The form even gives you the ability to say whether the agents can act independently or if they must act together. Sec. They must act with: Trust Diligence Good Faith Honesty "Taking everything" in an estate can not be done unless the Testator made the Executor the sole beneficiary. Now you can focus on leaving a legacy instead of a mess. 307.002. Will vs. living trust: What's best for you? 4. The executors would need to sign a general, limited power of attorney. But as with many uncomfortable subjects, the best way to approach this one is to plan and start now. Often when children act as Executors they waive this fee. ELM Legal Services can provide this service if required. However, it is rarely a good idea to do so. 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? In practice, two executors acting independently of each other is a bad very idea . Duty of executor to present will for probate.) Many users would be better served consulting an attorney than using a do-it-yourself online 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. Brooklyn, NY 11201 He has practiced law in Hawa Your executor.s in-state agent will accept legal papers on behalf of your estatate. 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. 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. 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. The court normally will not remove a co-executor at the request of the beneficiaries just because they dont get along. A doctor or other medical practitioner can complete this on a Form PA14, which you can find at GOV UK. Top 5 Must Dos Before You Write a Living Trust. We are not a law firm and do not provide legal advice. 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. Too Slow? 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. Get the right guidance with an attorney by your side. It is always recommended that a second executor be appointed in the case of a more complicated estate. A co-executor can be removed while the other executors remain. Certain . There are several reasons why people choose to have co-executors. The reason they usually ask is that they dont want to hurt the feelings of one of their children who could have been chosen as an executor. To speak with one of our specialist Wills & Probate Lawyers, please call us now on 0117 952 0698 or Make A Free Will Enquiry . Can joint executors act independently? Our expert guidance can make your life a little easier during this time. 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. However, an executor can request additional compensation based on the size of the estate, the time spent and the overall complexity of the estate. If the other executor(s) are happy for one person to act solely, then they can either be served with a Notice of Power Reserved (meaning they can take up the position later on should they choose to), or they can renounce their powers completely. of an actual attorney. If an executor is unable to act because they lack capacity, the situation can become quite tricky. For example, you might designate your spouse and your business partner as co-executors. Theyve confirmed that theyre happy for their co-executor(s) to act on their own. However, while there can be good reasons for having co-executors, there are also drawbacks, including the risk of conflict between them. 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. All Rights Reserved. What if one co-executor believes the will should be probated relatively soon while the other thinks a longer time of mourning is appropriate? For unmarried folks, it is often an adult child or a close friend. Thank you for subscribing to our newsletter! If you have a business, it may be more efficient to have a co-executor who understands business matters. This does not always end up so well, as it can lead to a decision that the other co-executor does not approve. An executor can apply to the Probate Court to have another executor removed. JOINT EXECUTORS OR ADMINISTRATORS. Can joint executors act independently? 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. Want to enquire about any of our services? This will be the responsibility of the other named executors. For married people, that trusted person is usually their spouse. Every effort should be made to try to track down a missing executor named in the will. 1. Privacy Policy. A co-executor should not act . What assets need to be listed for probate? 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. LinkedIn. By drafting a living trust, designating beneficiaries, and holding property jointly, you may be able to avoid probate. The co-executors will need to establish whether a Lasting or Enduring Power of Attorney is in place and, if so, they should request a copy of this. Although this may spare some hurt feelings initially, this is usually the wrong reason to name a co-executor in your will. Copyright 2008-2023 If one of the executors wishes to act alone, they must first get the consent of the other executors. We're available Mon-Fri 5 a.m. to 7 p.m. PT and weekends 7 a.m. to 4 p.m. PT. We are not your attorney, But what happens when a will names two (or more) executors to have authority over the estate? Added by Acts 2009, 81st Leg., R.S., Ch. Here are the basics so you'll know what to expect. 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. If the Will creates a trust, then a sole executor is advised to take legal advice in respect of the appointment of trustees. It is crucial for the co-executors to maintain a relationship of communication and cooperation. Oftentimes, they will consider naming Co-Executors - two or more people who serve as executor of the estate. It may seem that it would always be better to have more than one executor handling your estate. Like most executors, you are probably eager to do a good job and to take care of estate business in a timely fashion. 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. With careful planning, probate can sometimes be avoided. 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. Can two executors act independently? 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 an executor decides to renounce probate, they will not be able to step back in at a later date. 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. Corporate trustees are allowed so long as they can exercise trust powers in Texas. You can provide that your co-executors must act together or that each may act independently of the others. If one of the executors wishes to act alone, they must first get the consent of the other executors. 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. Sec. 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. Terms of Use and If the firm has changed names or has merged with another firm, most wills state that the successor firm will take over the right to act as executor. 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. A co-executor has the same duties as a single executor, primarily to: Pay the debts of the decedent Manage the assets of the estate Assure that the estate is distributed to the appropriate heirs, as set forth in the will In addition, a co-executor has the duty to assure that any other co-executors fulfill their duties. 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. Whats a Co-Executor of a Will or Estate? An executor cannot renounce if theyve already started to deal with the estate administration. For example, one may have special knowledge in real estate and another in dealing with digital assets. advice. This link will open in a new window. We're available Mon-Fri 5 a.m. to 7 p.m. PT and weekends 7 a.m. to 4 p.m. PT. If you have more than one executor, then these co-executors must perform all these duties together. JOINT EXECUTORS OR ADMINISTRATORS. It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. Open probate proceedings by filing the decedents will in court, Identify, collect, and manage all the assets of the estate, Pay all the debts and taxes owed by the estate, Distribute property according to the will of the decedent, Obtain the approval of the court to close the estate, If one co-executor dies or is removed during, Co-executors can share the responsibilities for the estate and seek each others advice before making decisions that affect the estate, If each co-executor has specific skills to contribute, such as investing, real estate, or a personal history with the family, their responsibilities can be limited to suit their skills, Having co-executors can provide some degree of checks and balances through which each co-executor may exercise oversight of the others, Having co-executors means having multiple opinions about estate issues.