Share

Philadelphia PA Estate Planning Blog

Monday, April 11, 2011

Co-Executors... Good Idea?

 

Naming Co-Executors appears to be a convenient way to make everyone happy in the immediate future when it comes to estate planning. But choosing more than one person to serve as Executor can have disastrous consequences on your estate.

Those with two or more children are most likely to consider naming Co-Executors. The thinking behind naming all children as Co-Executors is to not offend or show favoritism to any child. However, being named Executor or not is unrelated to the inheritance that someone receives. For instance, choosing Child A as Executor, does not mean you cannot split your estate three ways, between Child A, Child B, and Child C. It simply means that Child A will be the sole person to manage and oversee this process.

By choosing Co-Executors, here are some huge potential problems:

  1. Co-Executors cannot agree on fair market value of real property, causing a severe delay in closing the estate.
  2. Co-Executors may not communicate well, and with each taking action, there could be overlap, conflict, confusion, etc.
  3. Co-Executors may develop a short-term or long-term conflict with one another as a result of working together. If Co-Executors are both family members, this could have a lasting impact on family relations.
  4. As a result of conflict or disharmony, Co-Executors may end up in court to end the dispute, and no one wants to end up in court.

Instead, our firm often finds that it works much better to name a primary Executor, and then two successor backup Executors. This ensures that the role will always be filled, and allow decisive action on your estate.

Your Will should be written clearly so that nothing is left open to interpretation. This way, there will be no question regarding your wishes that your Executor is charged with carrying out.

Lastly, naming someone as Executor should not be a secret you keep to yourself. You should inform people that you have chosen to fill roles for your plan. This way, no one will be surprised when the time comes that they need to fill the role.

Do you have a plan that you are comfortable with? For a complimentary estate planning consultation, please call our office today at (215) 706-0200.


Archived Posts

2014
2013
2012
2011
December
November
October
September
August
July
June
May
April
March
February
January
2010
December
November
October
September
August
July
June
May
April
March
February
January


The Law Offices of Jeremy A. Wechsler assist clients with Estate Planning matters in Willow Grove, PA as well as Abington, Hatboro, Dresher, Horsham, Bryn Athyn, Huntingdon Valley, Fort Washington, Jenkintown, Glenside, Oreland, Warminister, Wyncote, Ambler, Elkins Park, Flourtown, Philadelphia, Warrington, Cheltenham, Gwynedd Valley, Jamison, Feasterville Trevose, Richboro, North Wales, Blue Bell, Lafayette Hill, King of Prussia, Collegeville, Oaks, Phoenixville, Oxford Valley, Langhorne, Penndel, Bristol, Fairless Hills, Bensalem, Plymouth Meeting, Furlong, Philadelphia County, Bucks County and Montgomery County.

© The Law Offices of Jeremy A. Wechsler | Disclaimer | Law Firm Website Design by Amicus Creative



© 2014 The Law Offices of Jeremy A. Wechsler | Disclaimer
2300 Computer Avenue, Suite H-42A, Willow Grove, PA 19090
| Phone: 215-706-0200

Wills and Trusts | Asset Protection | Probate / Estate Administration | Business Succession Planning | Elder Law / Long Term Care | Powers of Attorney | Life Insurance / Long-Term Care Insurance | Special Needs Planning | Same Sex Couple Planning | Estate Planning For Pets | Retirement Planning | Retirement Account Trusts | About Us | Resources

Attorney Website Design by
Amicus Creative