Pros And Cons of Having a Co-Executor Of A Will

Do you need to designate more than one person to oversee your estate following your passing? Are both co-executors required to sign?  Prior to your decision, learn about some of the advantages and disadvantages.

Deciding who is going to oversee your estate following your passing isn’t always an easy task, especially considering how laborious the duty of an executor could be. One way to lessen the burden for everyone involved is to designate co-executors. Nevertheless, whereas there can be good reasoning for having co-executors, there are also disadvantages, including the possibility of conflict among them.

Designating co-executors

Most people designate an executor through their will, in addition to one or more contingent executors, that are going to step in if the initial executor passes away or is otherwise unable or unwilling to act. Most married couples designate their spouse as executor and an adult child as a contingent executor. An un-married person with adult children typically designates an adult child as the primary executor.

Co-executors, in contrast, are all primary executors that share the responsibility of overseeing the estate. If there are multiple adult children, a lot of parents designate them as co-executors so that they aren’t thought of as favoring one over another.

Your will can decree how co-executors carry out their obligations. For instance, your will could designate three co-executors and stipulate that decisions be made by a vote of the majority, that

all co-executors are required to take action with each other, or that any one of them has authority for acting alone.

Co-executor obligations

A co-executor is going to have the same obligations as a single executor, basically to:

• Pay off the liabilities of the deceased
• Oversee the assets of the estate
• Guarantee that the estate is distributed to the proper heirs, according to the will

Additionally, a co-executor has the responsibility to guarantee that any other co-executors carry out their obligations. Since co-executors are required to act with each other in order to efficiently and effectively oversee the probate process, they must be able to cooperate and communicate with one another.

Should an executor or co-executor pass away prior to the testator passing away, the testator may name a replacement by creating a new will or a codicil to the present will. If the primary executor passes away, either prior to or throughout the probate process, the named contingent executor takes over. In situations in which there is no contingent executor, the court gets involved and appoints one. Should a co-executor pass away, either prior to or throughout the probate process, the remaining co-executor(s) get involved.

Advantages of co-executors

Some advantages related to designating co-executors comprise of:

• Co-executors can split the work up and consult each other if any questions or problems come up.
• Co-executors might each have advantages that apply to certain factors of the estate. For instance, one might have experience in real estate and another in overseeing digital assets.
• Should you be a business owner, it might be more helpful to have a co-executor that understands business affairs. For instance, you could designate your spouse and your business associate as co-executors.

Disadvantages of co-executors

With more than one executor it could lead to clashes among co-executors. This could cause pauses in the probate process. Clashes might come up, particularly between co-executor siblings, for multiple reasons, including:

• Long-standing conflict unassociated to the estate
• One co-executor gets the impression that they are doing a lot of the work
• One co-executor gets the impression that the other is usurping what should be shared obligations
• Disagreements over the properties value

Other possible disadvantages comprise of:

• One co-executor might simply not have the knowledge or disposition to effectively carry out their duties.
• Documentation for transferring property and to be filed with the court might require the signature of every co-executor. When they don’t reside near each other, this can could cause delays in transmitting documents to and from, and vice versa for signatures.

The above are the more common reasons attorneys might advise their clients against having co-executors.

Removal of a co-executor

There are 3 ways that co-executor(s) can be removed:

Removal by the testator. The testator, or will creator, can remove a co-executor through carrying out a codicil to the will or by creating a new will.

Surrender. A co-executor could surrender by signing a relinquishment of their duties and filing it through the probate court.

Removal by the court. The probate court judge can remove a co-executor. This is typically carried out in response to a request for removal by either the co-executor(s) or an heir for the reason that the co-executor is not being involved in accordance with the wishes of the testator and in the interests of the heirs.

Whether to designate an executor, co-executor(s), or contingent executor is a vital part of the will-creating process. For more help with deciding who will oversee your estate following your passing, you may want to speak with an attorney or with a probate professional.

Source:

1. Edward A. Haman, Esq. (2023, May 11). Pros and cons of having a co-executor of a will. LegalZoom. https://www.legalzoom.com/articles/pros-and-cons-of-having-a-co-executor-of-a-will

Arizona Family Law

Naming guardians in your will can be part of your estate plan. You may think you’re too young or don’t have enough money to justify the expense, but if you have children, you have priceless assets. There are many considerations when naming guardians for your kids. However, the process doesn’t have to be expensive or complicated.

There’s nothing better than the peace of mind you will have knowing you’ve protected your family at a time when they need it most. Let us help. Schedule a consultation or contact Ogborne Law, PLC of Arizona today.