What are co-independent executors and how do they work?
What are Co-Independent Executors? A person’s will typically names one individual as the executor, meaning that they have complete control over the estate and any proceedings that follow as part of the probate process. But what happens when a will names two (or more) executors to have authority over the estate?
What is an alternative to naming co-executors?
Because of the problems that can arise due to a lack of proximity or cooperation, a viable alternative to naming co-executors is to name alternate executors instead. In general terms, alternate executors are substitutes for the primary executor.
Do I need a co-executor or an executor?
If you have a simple estate, a co-executor is not necessary. An individual executor and an accompanying probate lawyer is typically an adequate dynamic to settle an estate. A New York City Probate Lawyer knows which vendors and firms to contact in specific circumstances.
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 are the duties of an executor of an estate?
Before you dive, head-first, into your executor duties, it makes sense to understand what your executor role will entail. An executor is a person named in a will to oversee the process of wrapping up the decedent’s estate and distributing the remaining assets according to the will.
What happens if one co-executor disagrees with the other co- executor?
If one co-executor disagrees with the decision of the other co-executor, then action cannot be taken until the conflict is resolved and both parties are in agreeance. Generally, co-independent executors are expected to cooperate on matters surrounding: