But, they reserve the right to apply for probate at a future date, should they later decide that theyd like to be involved. All rights reserved. When communication between co-executors severely breaks down, it can take time and money to fix the relationship. It may avoid feelings of favoritism to designate more than one of your children. A client walks in who wants to create a trust or will and who has two (or more) children. It is difficult to say whether it is easier or harder to have a co-executor administer an estate plan with you, but we can tell you that it will make things different. Some siblings get along very well, whereas in other families there are varying degrees of conflict. This means that: . This will be the responsibility of the other named executors. Well, not always. 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. 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. Privacy Policy. Often when children act as Executors they waive this fee. For unmarried folks, it is often an adult child or a close friend. Michigan statutes provide no specific requirements an executor must meet, and you are free to name any adult that you trust as your executor. 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. It is crucial for the co-executors to maintain a relationship of communication and cooperation. 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. The Court will consider the due and proper administration of the estate and the interests of the beneficiaries. Can joint executors act independently? If you have any questions, please contact me directly. Co-executors will need to work together to deal with the estate of the person who has died. Our complete probate service gives executors the option of appointing us as your attorney. Each co-executor will be responsible for the actions of the other co-executors. (b) If there is more than one executor or administrator of an estate at the same time, all of the qualified executors or administrators who are acting in that capacity must join in the conveyance of real estate unless the court, after due hearing, authorizes fewer than all to act. 12 Things That Are Wrong with Your Last Will. All Rights Reserved. Theyll make sure that the firm hasn't merged with another firm or just changed its name. 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. If you have a business, it may be more efficient to have a co-executor who understands business matters. That said, sometimes it makes sense to name two executors. Powers of executor before qualification. We will be happy to discuss your current circumstances and explain all available options to you. You can call us at 718-509-9774 or send us an email at attorneyalbertgoodwin@gmail.com. If youre thinking about making a will and appointing joint executors, weve written a helpful guide. 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. generalized educational content about wills. 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." 300 Cadman Plaza W 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. 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. 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. Sometimes co-executors may work fine with each other but may have difficulty working with one or more beneficiaries. Joint executors can act independently, provided they have the agreement of other executors to do so. 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. We have offices in New York, NY, Brooklyn, NY and Queens, NY. By clicking "Accept", you agree to our website's cookie use as described in our Cookie Policy. The short answer is, yes, you can legally name co-executors for your will. If one of the executors wishes to act alone, they must first get the consent of the other executors. Oftentimes, they will consider naming Co-Executors - two or more people who serve as executor of the estate. 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. However, it is rarely a good idea to do so. There are advantages and disadvantages to naming co-executors of your estate rather than just one executor. and may not apply to your case. Certain situations require multiple . Full Powers Are a Must Technically, in California all actions you take as an Executor require Court approval, especially selling real estate. 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. 1, eff. 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. Your will can name two or more co-executors. not LegalZoom, and have not been evaluated by LegalZoom for accuracy, In fact, co-executors have even greater duties than an individual executor because co-executors are responsible for the actions of the other co-executors. We're available Mon-Fri 5 a.m. to 7 p.m. PT and weekends 7 a.m. to 4 p.m. PT. The job of administration can be long and complex, involving the collecting in and valuation of assets, arranging for clearance and sale of any property, calculation and payment of Inheritance Tax, preparation of detailed estate accounts and distribution of the estate to beneficiaries. 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? Can joint executors act independently? But what happens when a will names two (or more) executors to have authority over the estate? 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. Estate Planning: 11 Things to Do Before You Die. Making your living trust will be easier if you think it through and gather necessary information before you sit down to do it. In some cases, having co-executors can backfire and interfere with the effective administration of the estate. A person named in a will as executor shall not exercise the powers of executor until he qualifies as such by taking an oath and giving bond in the court or before the clerk where the will or an authenticated copy thereof is admitted to record, except that he may provide for the burial . 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. 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. (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. One executor cannot move forward without the other's cooperation. Can an Executor of a Will Sell Property of the Estate? Generally, that means they must work together unless the will grants the power to act independent of each other. In cases of extreme disagreements, one executor (or a beneficiary) may decide . 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. Co-Executors are two or more people who are named as Executors of your Will. If they cannot get an agreement, then they may need to seek legal help. Both signatures are required to sell property, open an estate bank account, and for other legal undertakings. It isnt legally possible for one of the co-executors to act without the knowledge or approval of the others. Our network attorneys have an average customer rating of 4.8 out of 5 stars. 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. 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. One co-executor can make decisions in 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.