What are co-executors of a 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.
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.
Can you have more than one executor of a will?
Having more than one executor can lead to conflict between co-executors. This can cause delays in the probate process. Conflicts may arise, especially between co-executor siblings, for numerous reasons, including:
What is a successor executor of a will?
A successor executor is someone you name in your will to take over the responsibilities of the executor if the executor dies or becomes incapacitated. Until the original executor is unable to fulfill their duties, the successor executor has no responsibilities or obligations under the will.
What happens when there are two executors of an estate?
Executors are entitled to estate commissions for any monies they pay out to the beneficiaries. Two executors equal double the commissions. One executor cannot move forward without the other’s cooperation. Both signatures are required to sell property, open an estate bank account, and for other legal undertakings.
What happens if there is a difference of opinions between executors?
When the parties have a difference of opinions, an attorney representing both executors can no longer do so due to a conflict of interest. At this time, one party (or both) can either proceed pro-se or hire a new lawyer. Legal fees for each of the executor’s attorney are an expense of an estate.
What happens if a co-executor does not pay off all debts?
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. Co-executors have the right to contest any claim by a creditor against the estate in court.