Selecting an executor for your will is one of the most critical decisions you'll make in your estate planning journey. This person represents your estate after your death, handling everything from probate court filings to distributing your assets according to your will's instructions.
Some situations might warrant appointing multiple executors, who share the role and have equal authority in managing your estate. But when should you appoint co-executors of a will?
Key takeaways
- Co-executors are legally responsible for administering your estate, including filing probate paperwork, paying debts, and distributing assets according to the will instructions.
- While multiple executors can divide responsibilities and provide checks and balances, they may also create potential conflicts and complicate decision-making processes.
- Naming co-executors requires updating your will and ensuring that all co-executors understand their duties.
What is an executor of a will?
First, it’s important to understand what an executor of a will is. This is the trustworthy and responsible person you designate to carry out your last wishes and manage your estate after your death. The executor bears significant responsibility, serving as your legal representative in probate court and holding authority over your estate's administration.
The executor's role begins when they file your will with the appropriate probate court and request to be appointed as your estate's personal representative. Once the court issues a letters testamentary (the official document granting authority), the executor gains the legal power to act on behalf of your estate.
The following is a brief overview of an executor’s responsibilities:
- File the will for probate with the local court.
- Notify heirs and creditors.
- Identify, secure, and manage all estate assets, like bank accounts, investment portfolios, real estate, personal property, business interests, and any other assets owned by the deceased person.
- File tax returns and pay any outstanding debts, such as credit cards, mortgages, and medical bills.
- Distribute assets to beneficiaries after all of the deceased's debts, taxes, and administrative expenses are paid.
- If the will establishes trusts for minor children or other beneficiaries, the executor must work with trustees to ensure proper funding and administration of these arrangements.
Throughout the entire probate process, the executor must maintain detailed records of all transactions, decisions, and communications. Most states require executors to file periodic accountings with the probate court, detailing all income, expenses, and distributions. These records serve as protection for the executor and ensure transparency for heirs and the court.
Proper record-keeping includes maintaining receipts for all expenses, documenting the basis for all decisions, and keeping all correspondence with beneficiaries, creditors, and professionals. These records may be subject to court review and beneficiary inspection throughout the probate process.
When should you consider naming co-executors?
Some people appoint more than one executor, called co-executors. You can have two executors or more, depending on your needs. They share the same legal responsibilities and fiduciary duties as single executors, but co-executors must coordinate their actions and decisions throughout the estate administration process.
Here are some common scenarios where designating co-executors can be helpful:
- You have family members or friends with different but complementary skills. Perhaps you have one child who is financially sophisticated and another with strong interpersonal skills.
- You own a business. Business owners sometimes benefit from appointing both a family member and a business partner or professional as co-executors. The family member can handle personal assets and family communications, while the business-savvy co-executor manages business interests and complex financial matters.
- Your estate includes assets in multiple states or countries. Multiple executors in different locations can help manage local requirements and logistics. Local executors can be particularly useful for real estate holdings or business interests that require local knowledge and presence.
- You have a blended family. An estate that covers blended families may benefit from having multiple executors, as it can provide a sense of balance and help ensure that all family branches have a voice.
When you want to appoint a co-executor team, consult this guide on choosing an executor, as co-executors and a primary executor should have the same qualities. Additionally, executor requirements may differ slightly across jurisdictions, so be sure to follow your state’s guidelines.
Pros and cons of having co-executors
Designating co-executors to serve together can provide several advantages in certain situations, but it also introduces potential complications that must be carefully considered.
Benefits of co-executors
- Shared workload and support. Co-executors can divide responsibilities based on their individual strengths and expertise. For example, one co-executor might handle real estate matters while another manages investment accounts, or one might focus on family communications while another handles court filings and professional relationships. This division of labor can make the overall process more efficient and less burdensome for any single individual.
- Built-in consultation and support for difficult decisions. Co-executors can discuss choices about asset management, debt payment priorities, and beneficiary communications together, potentially reducing the stress on any individual executor.
- Checks and balances. The built-in accountability of co-executors can be particularly valuable when large sums of money are involved or when family tensions exist. The knowledge that another executor is reviewing decisions and actions can help ensure proper administration and provide reassurance to beneficiaries.
- Avoids favoritism. For example, naming two adult children as co-executors rather than choosing between them can help maintain family harmony, avoid hurt feelings, and ensure that both feel involved in the process.
Potential drawbacks of co-executors
- Potential for disagreement and conflict. Having more than one person weigh in on important and often complex decisions can be challenging. When co-executors cannot agree on important decisions, the estate administration process can be delayed while they work through their differences or seek court intervention.
- Miscommunication or conflicting schedules. Co-executors must coordinate their actions and communicate regularly, which can be challenging if they have different schedules, don’t live in the same area, or have different approaches to problem-solving. Simple tasks may become more complicated when multiple people must be involved in every decision.
- Financial institutions and other third parties may require both signatures. Co-executors may need to provide additional documentation or face delays when accessing accounts or conducting business on behalf of the estate.
How to name co-executors in your will
Naming more than one executor is fairly straightforward, but it’s important to fulfill the following steps to ensure that your intentions are clear and that your co-executors have all the information they need.
Step 1: Discuss your intentions with potential co-executors
The co-executors you’re thinking of choosing will have significant authority over your estate assets and will interact with your loved ones during a difficult time. This level of responsibility, including specific tasks, should be communicated to them from the get-go.
Co-executors must understand exactly what’s involved in the role. Additionally, you should be transparent with any potential challenges, conflicting matters, or complicated issues, and confirm that they are willing to take on these responsibilities.
Step 2: Consult an estate planning attorney or trusted online service
Although it’s possible to write your own will, it’s best to use a qualified estate planning attorney or online estate plan service like LegalZoom to ensure that your final wishes are documented properly, include the correct language and clauses, and comply with state laws.
By carefully drafting your will with the help of a professional, you can give your co-executors the guidance they need—and help make things easier for your loved ones when the time comes. The legal fees involved will likely be worth it.
Step 3: Include specifics in the will
Be as clear and specific as possible when naming co-executors in your will. Here are some things to consider:
- Although co-executors must act jointly in all decisions, some tasks may be divvied up depending on each person’s skill set. Be clear about who you want to take on certain duties, such as handling bank accounts, managing digital assets, and so on.
- If a co-executor cannot serve for whatever reason, appoint an alternate executor who can fill the role if needed.
- If certain estate assets must go to certain beneficiaries, clearly describe them. Avoid vague language that might be difficult for your co-executors to understand.
Step 4: File and communicate your updated will
Once you’ve updated your will, file it in a secure location and let your co-executors know where it is, providing them with any passwords or lock-box information. Notify your attorney of your will’s location, too.
Co-executor of will: FAQs
Can co-executors act independently?
The short answer is no, co-executors cannot act independently. Co-executors are appointed jointly, meaning that they must be in agreement—providing both signatures on necessary documentation in most cases—about decisions. They are legally required to act in tandem.
Can my spouse be my executor?
Yes, spouses commonly serve as executors and are often the natural choice for this role. Surviving spouses typically have intimate knowledge of the family's financial situation, understand your wishes and values, and have a strong motivation to properly administer the estate for the benefit of surviving family members.
However, consider your spouse's age, health, and ability to handle the complex responsibilities involved in estate administration. If your spouse might be overwhelmed by grief or lacks experience with financial and legal matters, you might consider appointing a co-executor to provide support or naming an alternate executor in case your spouse is unable or unwilling to serve.
What is the first thing co-executors should do?
The first priority of co-executors is to secure the deceased's assets and important documents, including the original will, financial records, and valuable property. They should also obtain multiple certified copies of the death certificate, as these will be needed for various administrative tasks.
Next, the co-executors should file the will with the appropriate probate court and petition for appointment as the estate's personal representatives. This time frame varies by state but typically must be done within a year of death. Once appointed by the court, the co-executors can begin the formal process of administering the estate.
What happens if co-executors disagree?
When co-executors cannot reach an agreement on important decisions, they have several options for resolution. They can seek mediation to work through their differences, consult with the estate's attorney for guidance, or petition the probate court for direction on the disputed matter.
To help resolve conflicts, your will can specify how co-executors should handle disagreements, such as requiring a majority vote when there are three or more co-executors or designating one co-executor to have final decision-making authority in case of deadlock.
Are co-executors paid for their work?
Co-executors get paid reasonable compensation for their services, even if they are family. The amount varies by state and may be calculated as a percentage of the estate's value, an hourly rate, or a flat fee based on the complexity of the estate. For example, in California, executors can receive 4% of the first $100,000 of the estate’s value.
How LegalZoom can help with estate planning
Choosing the right executor or co-executors and creating a comprehensive estate plan requires careful consideration of legal requirements, family dynamics, and your specific circumstances. LegalZoom provides the tools and expertise to help you make informed decisions and create legally sound documents that protect your loved ones and ensure that your wishes are carried out effectively.
Our estate planning services are designed to simplify the complex process of creating wills, selecting co-executors, and establishing estate plans. Whether you're creating your first will or updating an existing estate plan, you can get the guidance you need to plan for the future of your estate.
Edward A. Haman, Esq., contributed to this article
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