Joint executors of a will

What is joint executor? Can executors be appointed jointly? Can joint executors avoid conflicts? Can you put two executors in a will?

An executor in Canada takes care of closing someone’s estate when they pass away, but what happens when there is more than one executor named in the will? This is called having joint executorsand it usually happens when a parent chooses more than one child to take on the role. An Executor can be appointed in a Will to administer an Estate on their own, or they can be appointed to act jointly with another person. However, this can be easier said than done. Appointing co-executors to act severally means that each co-executor can make decisions with regard to the handling of your estate on their own accor and do not need the unanimous decision of other co-executors to act and create binding decisions.

Probate is a lengthy and sometimes complex process, during which Executors are likely to be faced with a number of decisions to make. This could be a decision such as whether to sell a property on the open market or allow a beneficiary to purchase it, for example. Or if the property market is slow, one Executor may wa. See full list on co-oplegalservices.

One of the most effective ways of avoiding conflict during Probate is to communicate. If joint Executors think that they may not be able to act alongside one another, one of the Executors can step aside before the Estate administration begins. If disagreements do arise, then these will need to be resolved in order for the Estate administration to continue to progress smoothly. Again, communication is key here – if Executors talk through any issues, they may be able to come to a mutual agreement.

If an agreement cannot be reached this way, the next step would be for each Executor to seek independent legal advice. If an agreement still cannot be reache and the Estate administration cannot be progressed as a result, then it may be po. Joint Executors can choose to jointly appoint a professional Probate specialist, such as Co-op Legal Services, to deal with Probate on their behalf. This means that an impartial professional will carry out the Probate work, taking instructions from the joint Executors and keeping the Executors and beneficiaries updated throughout the process. Benefits of Executors in a Will.

The executor has a lot of responsibility. Appointing two executors in a will can lighten the load as both people will have the authority to act for the deceased. If each executor has a different skill set, they can each take on the duties they are best suited for, ensuring that all tasks are completed properly. After they file the document, it becomes a matter of public record. Typically accompanying the will is a petition for probate, which formally asks the court to begin the probate process.

If the will names co- executors and stipulates that they must act together, each co-executor must sign the petition. If one of the executors gives up their duty, the remaining executor applies for authority alone. Once the probate process begins, the co- executors are jointly responsible for overseeing the administration and distribution of the estate.

They must identify, collect, and inventory all assets, including but not limited to personal property, deeds, and bank or investment accounts, and then preserve and protect them until distribution occurs. For instance, if the home of the deceased goes into foreclosure because the executors did not pay the mortgage, the court could find them liable. If the deceased did not have sufficient funds to pay off all debts, the co- executors must liquidate other assets in order to satisfy the debts.

They must also pay the deceased's final tax return, as well as any estate tax owed to federal or state taxing authorities. Co- executors have the right to contest any claim by a creditor against the estate in court. After the co- executors pay all outstanding debts, they must distribute the remaining assets according to the terms of the will. They must also obtain proof that the correct heir or beneficiary received the asset given to them in the will. Typically, a signed release from each recipient is sufficient evidence of the transfer.

Each co-executor has a responsibility to manage the estate properly and in a timely manner. If one co-executor fails to intervene in the case of the other negligent co-executor, a court can hold both executors personally liable for any resulting damage. Navigating the probate process can be complex and time consuming.

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. Most married people name their spouse as executor and an adult child as a contingent executor. An unmarried person with adult children often names an adult child as the primary executor.

Your will can dictate how co- executors fulfill their duties. Pay the debts of the decedent 2. A co-executor has the same duties as a single executor, primarily to: 1. Manage the assets of the estate 3. 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. 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.

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. If the primary executor dies, either before or during the probate process, the designated contingent executor takes over. In cases where no contingent executor exists, the court steps in and appoints one. When a co-executor dies, either before or during the probate process, the remaining co-executor or co- executors take over.

Some benefits associated with designating co- executors include: 1. For example, one may have special knowledge in real estate and another in dealing with digital assets. If you have a business, it may be more efficient to have a co-executor who understands business matters. Having more than one executor can lead to conflict between co- executors. For example, you might designate your spouse and your business partner as co- executors.

Conflicts may arise, especially between co-executor siblings, for numerous reasons, including: 1. This can cause delays in the probate process. Long-standing conflicts unrelated to the estate 2. One co-executor feeling that he is doing most of the work 3. Disagreement over the value of property Other potential disadvantages include: 1. Documents to transfer property and to be filed with the court may require the signature of all co- executors. The above are the most common reasons attorneys may advise their clients against using co- executors. There are three ways that a co-executor can be removed: 1. Removal by the testator.

The testator, or creator of the will , may remove a co-executor by executing a codicil to the will or by executing a new will. The probate judge may remove a co-executor. If they don’t get along when the time comes, they will have equal rights as executors. If co-executors are named in the will, all of them must act in unison. That means they must all: apply to have the will probated (if probate is necessary) make all decisions unanimously.

A Lawyer Will Answer in Minutes! Questions Answered Every Seconds. Real Estate, Landlord Tenant, Estate Planning, Power of Attorney, Affidavits and More! Joint executors need to agree unanimously on estate decisions, which is the main reason having multiple people involved can slow down the administration process. One executor cannot overrule the other, and often disputes arise.

Oftentimes, my clients will appoint joint Executors in their Wills. Categories: Blog, Wills, Estates and Trusts. This means they are appointing two people to jointly administer their assets and apply for Probate. Usually it is their two adult children. They want to treat both children fairly and make sure that both are “included” and “know what’s going on”.

Duties for a Co-Executor of a Will Filing the Will and Petition for Probate. Administering the Estate. Paying Outstanding Debts and. Naming two or more people to serve as joint executors allows the co- executors to spread out the duties involved in settling an estate. Some will makers name two people to act as joint executors to ensure that one person has financial expertise and the other is a family member or someone close to the family.

When multiple Executors act together on the administration of an Estate, disagreements can sometimes arise. Joint Executors will need to resolve these disputes and act in agreement in order for Probate to move forward. You need to appoint at least one executor of your will – but you can choose up to four people or professionals.

If you’re choosing friends and family, it’s recommended that you appoint at least two executors. This is because there are certain limitations for sole executors that don’t apply to professionals. It’s when the co- executors disagree that problems can arise. Disadvantages of Naming Co- Executors.

In general, having co- executors is a less efficient way of going about the probate process. All co- executors are. This means that: Co- Executors must collaborate on decision-making and information-sharing with regard to settling the estate Co- Executors must act together in all matters related to settling the estate Co- Executors may be called on to perform certain duties together, such as going to court to submit.

A joint will is a single will that’s signed by two people, usually a married couple, leaving all their assets to each other. Seems simple and sensible—but it’s almost always a bad idea. If you’re an executor, the good news is that you’re unlikely to have to deal with a joint will, because these days they’re very seldom used.