What happens when two people are named co executor of an estate?
In many instances, when two people are named co-executor of the estate and required to act together, the co executors disagree about how to manage the estate, and co-executor problems can arise.
What are the drawbacks of naming more than one executor?
Drawbacks of Naming Co-Executors. If the co-executors have a tendency to disagree, it can cause serious problems with getting your estate wrapped up. In cases of extreme disagreements, one executor (or a beneficiary) can even ask the probate court to remove one or more of the other executors, so the estate can be settled without too much delay.
What happens if only one coexecutor is signing a will?
If only one coexecutor is signing these documents, then they are putting themselves, the other co-executor and the estate at risk because they have no authority to act alone. If the other party to the transaction ends up being harmed or damaged as a result, then the signing executor, the other co-executor and the estate can all be liable.
When does it make sense to name a spouse as an executor?
There are some situations in which it can make sense to name co-executors. For example, you might want to name your spouse as your executor, but worry that he or she might not be able to handle probate of the estate alone.
In many instances, when two people are named co-executor of the estate and required to act together, the co executors disagree about how to manage the estate, and co-executor problems can arise.
How does nominating co-executors in a will work?
Nominating co-executors in your will simply means having two or more executors on board in charge of your estate. The following occurs in a co-executorship relationship: The co-executors work together on making decisions concerning your estate, such as selecting the estate lawyer to probate the will,…
If only one coexecutor is signing these documents, then they are putting themselves, the other co-executor and the estate at risk because they have no authority to act alone. If the other party to the transaction ends up being harmed or damaged as a result, then the signing executor, the other co-executor and the estate can all be liable.
Can a co-executor of an estate share an attorney?
Each co-executor is entitled to an estate lawyer of their own choosing. Although its common for co-executors to share one attorney, they are not obligated to do so. When the parties have a difference of opinions, an attorney representing both executors can no longer do so due to a conflict of interest.