What are co-executors and how do they work?
Co-Executors are two or more people that you name as Executors in your Will. What Are Co-Executors Of A Will? Co-Executors are two or more people who are named as Executors of your Will. Co-Executors do not share partial authority over the estate; each person you name as an Executor has complete authority over the estate. This means that:
What does it mean to nominate co-executors in a will?
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:
Who is the executor of an estate when someone dies?
When someone dies leaving a last will and testament, the person named as the executor must be officially appointed by the Surrogate’s Court to handle the management or liquidation of the decedent’s estate.
What happens if one executor does not do their job?
If one executor is not doing his job then the other executor must report it to the probate court. It is also important to know that having a co-executor does not relieve you of any responsibility. It is still your legal duty to carry out the administration of the estate properly and in accordance with California law.
Should I appoint an executor or co-executor of my estate?
Whether to appoint an executor, co-executor, or contingent executor is an important part of the will-making process. 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.
Can a co-executor of an estate be liable for damages?
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. The reason is because both executors owe fiduciary duties to each other and to the heirs and beneficiaries of the estate.
How do you name co-executors in a will?
The actual act of naming co-executors is quite simple. When you are creating your will, all you have to do is stipulate that you would like to have multiple executors and name them. If you want to make absolutely sure that you’ve prepared everything correctly, it might be a good idea to consult an estate planning attorney.
Can joint executors act independently of each other?
Can joint executors act independently? Yes. One co-executor can make decisions in the estate. 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.