Estate planning lawyer: good or bad idea to name co-executors in my will?
If you have reached the point where you are deciding whether to name co-executors in your will, you may be ready to pull your hair out. It can be a tough decision, but one that an estate planning lawyer can help you make.
Estate planning lawyer: good or bad idea to name co-executors in my will?If you have reached the point where you are deciding whether to name co-executors in your will, you may be ready to pull your hair out. It can be a tough decision, but one that an estate planning lawyer can help you make.
Often, we see cases where the parents want to be fair to all children, so they name them as co-executors on the will. While the idea behind it sounds fair and reasonable, is it the right choice to make?
Of course, the choice is up to you. Many people name only one person to be an executor while others list multiple co-executors.
Below, our estate planning lawyer in NYC will talk about some of the reasons while co-executors may be a good idea or may be a terrible idea.
To Name a Co-Executor or Not: An Estate Planning Lawyer AnswersLet’s get the doom and gloom out of the way first. Naming co-executors on a will can have an unfavorable result in some cases and you may want to skip naming multiple people altogether.
First, you must understand that naming co-executors means that no one can work alone and all decisions about the estate must be made as a team.
Co-executors MUST jointly do the following:
1. Sign on any available investments, bank accounts, tax returns, and so on
2. Apply to have the will probated
3. Be in AGREEMENT on ALL decisions
4. Responsible for paying off ALL debts
If for some reason you believe that someone may not act fairly or you do not want your children directly involved in executing the will, you can appoint someone else that you trust to handle executing it.
While there are some drawbacks to naming co-executors on a will, there are some benefits too. One of the main benefits is that each executor can have an area of expertise. For example, if you have a lot of antiques, maybe one of your children is privier to antiques and knowing their history than another child. This way, by naming the one individual as an executor for your antiques, everyone will win as he or she can get the most value for the items.
Another benefit would be to alleviate some of the stress off one individual. Naming a single executor may be ideal for some individuals but if you have a large estate, then it may become overwhelming for just one person to handle. By naming more than one executor, no one feels stressed or overworked and exhausted.
Get Help From Our Estate Planning Lawyer in NYCIf you are trying to decide between naming one executor or naming co-executors, our team is here to help. Often, it is advised that you do NOT name co-executors, as it often leads to arguments, disagreements, and a delay in the division of the estate. However, it may be a good idea in some cases.
The team at Morgan Legal Group PC is here to help you and provide you with the guidance you need to plan out your future quickly and easily. If you would like to receive a consultation, do not hesitate to call us today at 212-561-4299.