Can an executor seek legal advice?

As long as it is reasonable to seek legal advice to help resolve complex situations, an executor can expect to receive an indemnity (i.e. full reimbursement) of their reasonable legal costs from the estate, before the estate’s money is distributed to beneficiaries.

Can you remove a co executor from an estate?

Yes. A co-executor of estate may be removed on the same grounds as a sole executor, and also when the co-executor is acting unilaterally without the consent or cooperation of other executors. When co-executors are appointed in a will, they must agree on any action proposed before taking it.

How do you challenge a will executor?

If you believe the executor is not performing the duties of their role, you can make a claim against them. Their duties include collecting the deceased’s assets and distributing them according to the will. You should consider making a claim against an executor if they’ve: Sold the deceased’s property at a reduced value.

Who are the co executors of a will?

Co-Executors are two or more people who are named as Executors of your Will. Co-Executors do not share partial authority over the estate; each person you name as an Executor has complete authority over the estate.

Do you need a co-executor to settle an estate?

If you have a simple estate, a co-executor is not necessary. An individual executor and an accompanying probate lawyer is typically an adequate dynamic to settle an estate. A New York City Probate Lawyer knows which vendors and firms to contact in specific circumstances.

What happens if there are two executors of an estate?

Legal fees for each of the executor’s attorney are an expense of an estate. Having two executors could mean double the attorney fees. Executors are entitled to estate commissions for any monies they pay out to the beneficiaries. Two executors equal double the commissions. One executor cannot move forward without the other’s cooperation.

What are the pros and cons of having more than one co executor?

If you have a business, it may be more efficient to have a co-executor who understands business matters. For example, you might designate your spouse and your business partner as co-executors. Having more than one executor can lead to conflict between co-executors. This can cause delays in the probate process.

What do you need to know about being a co-executor of a will?

If the will names co-executors then it is important to know that: Both executors must sign the initial petition with the probate court. Typically, both executors will have to sign checks and other estate paperwork. Both executors may be responsible for filing tax returns.

Can a co-executor of an estate share an attorney?

Each co-executor is entitled to an estate lawyer of their own choosing. Although its common for co-executors to share one attorney, they are not obligated to do so. When the parties have a difference of opinions, an attorney representing both executors can no longer do so due to a conflict of interest.

Do you have to consult the alternate executor in a will?

The appointed executor does not have to consult the alternate executor. The alternate executor is only named in the will to fill in for the appointed executor if required.

Can a co-executor of a will sign a renunciation form?

In such situations, it is best for the executor who is not participating to renounce the right to be a co-executor. This is done by signing a renunciation form that can be included with the will when applying for probate. When you create a will and appoint an executor, you should also appoint an alternate executor.