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The are called co-executors and the will should specify if they can act individually. Otherwise, anyone accepting a signed document such as a deed from the estate will insist that both sign.
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∙ 15y ago
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Do you need to go to probate if the will says i am the executor?
An executor is not an executor until the will has been examined and allowed and they have been appointed by the court.
Should there be more than one executor for a deceased family member.?
Multiple executors usually causes problems. A single executor is better in my opinion and I would word it that way in the will, even if several alternatives are listed.
Can there be only one co-executor?
No, in fact, you can have as many co-executors as needed. However, as you can imagine, the more co-executors you have, the more complicated administering the estate becomes. I always suggest that only one executor is named, followed by an alternate executor if the original executor cannot act, or has pre-deceased the testator.
How can a co-executor collect money from the other co-executor who took money from the estate they were not entitled to?
sue. but do you have proof? depends on the situation. both co-executor have a certain amount of control over estate. was the co-executors directed by a living will or some official documentation? some things get too sticky when there is more than one chief and everyones got their hand in the cookie jar. be more specific with a question. if their more than one person on a bank account, is their someone with a power-of-attorney, does it concern a living will, etc.
When is the executor entitled to take their executor fee in NJ?
An executor may take, on an annual basis, corpus commissions of one-fifth of 1% of the value of the estate. An executor may apply to the probate court for an allowance of more than that if the circumstances warrant it. Otherwise, the executor waits till the conclusion of administration of the estate. In practice, though, if the beneficiaries do not object, an executor sometimes takes more than that each year. The accumulated amount of the annual commissions taken, even with court approval, may not exceed the total amount the executor is allowed. Executors are also entitled to commissions on the income the estate produces. Unlike corpus commissions, income commissions may be taken in the full amount allowed as the income is earned.
What to do if the Co executrix are not willing to cooperate?
Unfortunatley this is what happens when there is more than one Executor to an estate. You will have to appraach the Probate Court with your impasse and request their intervention or mediation.
Can one be an executor of probate but not the estate?
There is no executor of probate. The executor of the estate executes the will and probates the estate.
What if executor sues the other 2 executors over a will?
Perhaps nothing will happen, because most states provide that when there are more than one executor the majority rules except where the majority is acting contrary to the interests of the estate and beneficiaries. The executor suing will probably have to prove more than there being a difference of opinion as to what should be done during administration. Such differences might involve the choice of the bank in which the estate account should be placed. If, say, the reason for the majority's choice is ease of banking with no difference in interest rates, the court would side with the majority. If the chosen bank has a lower interest rate on the estate account the court would side with the single executor. In addition, one or more of the executors might be removed as executor depending on the facts.
What if you don't want to be a co executor?
Yes. No one can force you to be executor, even if they name you as executor in their will. In the event the person named as executor declines, the probate court can appoint a new executor instead.
Who can act if an Executor becomes incapacitated?
If there are no reserve executors one or more of the residuary beneficiaries can act (if they are adult).In the United StatesGenerally, The executor must file a resignation and the court must appoint a successor. An executor gets their legal authority via the issuance of Letters Testamentary in the name of the executor.
When a will is set up or changed does the executor have to sign the will?
The executor does not have to sign the will. They don't even have to know there is one or that they are the executor.
Can you remove an executor without going to court?
Not once they have been appointed as executor. The court has issued a letter of authority to that executor. That will have to be cancelled and a new one issued to the new executor.
