Can a child be named co-executor of an estate?

Can a child be named co-executor of an estate?

A recent case in the Ontario Superior Court of Justice underscores the problems that can arise when all the children of the deceased are named as co-executors. The case involved the estate of Filippo Virdo. The deceased died on May 29, 2008 naming his four children as co-executors of his estate.

Can a non family member be an executor of an estate?

Non-family executors should be a generation younger than the person writing the will. Some executors may not have the financial savvy to handle a large estate. If the assets are straightforward (a family home and an investment account) then the task will be relatively simple.

What kind of assets can an executor have no control over?

There usually exists “non-probate assets” over which the executor has no control. Typically, real estate is the largest “non-probate asset” that we find in an estate.

What does it mean when there is no will and no executor?

Other occasions arise when someone has been appointed as the executor, yet that person chooses to renounce their appointment as they do not want to take on the responsibility. There can also be the situation where there is no Will at all, which is called an “intestate” estate.

There usually exists “non-probate assets” over which the executor has no control. Typically, real estate is the largest “non-probate asset” that we find in an estate.

What should an executor do if there is no will?

The executor must collect and inventory all of the estate’s assets and use them to pay off any outstanding debt. After that, the executor distributes the remaining assets to the beneficiaries according to the terms of the will or, if there is no will, to the decedent’s heirs according to the state’s default laws of intestate succession.

What happens when all the children are named as co-executors?

A recent case in the Ontario Superior Court of Justice underscores the problems that can arise when all the children of the deceased are named as co-executors. The case involved the estate of Filippo Virdo.

Can a family member become the executor of an estate?

At Fair Share Lawyers, our goal is to protect your rights while also preserving the bonds you share with your family. The court has to approve the executor’s appointment. Unfortunately, it is not that uncommon to have one family member assume control over a deceased’s estate because they are the eldest or most forceful.