Is it a good idea to have 2 executors?

Is it a good idea to have 2 executors?

In most situations, it’s not a good idea to name co-executors. When you’re making your will, a big decision is who you choose to be your executor—the person who will oversee the probate of your estate. Many people name their spouse or adult child. You can, however, name more than one person to serve as executor.

Can a spouse override an executor of a will?

No, an executor cannot override or modify the terms of a will, with few exceptions. In fact, as a fiduciary to the estate beneficiaries, executors are legally required to abide by the will throughout the probate process, including the distribution of assets to the named beneficiaries of the will.

Is it better to have 1 or 2 executors?

An Executor’s duties are burdensome so it can be helpful to appoint two executors so they can support each other. However, sometimes the appointment of multiple Executors can cause issues, especially if there are underlying issues between those two people or if there is a conflict of interest.

Can executors act alone?

A sole Executor is usually able to act alone during Probate, although there are some important factors to consider. A joint Executor will not usually be able to act alone unless the other Executors formally agree to this.

What happens if two executors Cannot agree?

When multiple Executors act together on the administration of an Estate, disagreements can sometimes arise. If an agreement cannot be reached through negotiations, and a Grant of Representation has already been issued by the Probate Court, then it is possible for one Executor to apply to the Court to remove the other.

Is it bad to name more than one co-executor?

Drawbacks of Naming Co-Executors. It is understandable that a parent would not want to appear to play favorites in naming an executor. However, naming more than one executor of estate just to avoid hurt feelings can cause more harm than good.

Can a joint executor of an estate act alone?

If more than one Executor has been appointed in the Will, to act together, then these are Joint Executors. In order for one of them to act alone, the other Executor(s) must agree to this. One Executor cannot take it upon themselves to deal with the administration of the Estate without the agreement of the other Executors.

What happens if two executors are appointed in a will?

While these can be significant benefits, there are potential negative consequences of appointing two executors in a will. The Estate Administration Act stipulates that personal representatives must act unanimously. Any serious disagreements that cannot be resolved between two executors must be settled in court.

Can a person Sue a co-executor of a will?

The co-executor does have the option to sue the person who took the funds but there is no guarantee that the funds will be recovered. Another potential downside is a situation in which one of the executors refuses to help. It’s not unusual for people who have been appointed as an executor in a will to not want to take on the job.