Executor question - 3 siblings

1,357 Views | 6 Replies | Last: 1 yr ago by DannyDuberstein
TxAger
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My dad's will specifies that my brother, sister and I are independent co-executors in his will.
The lawyer is wanting to know if all three of us want to be executors.

I am looking for some words of wisdom here... just general advice if you will. I assume, in most cases, one executor is ideal? What are the pros/cons of having all 3 of us act as executors?

If one of us decides to not be an executor, I would assume that is not a great scenario to have two executors.
Bonfire97
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AG
Been involved with this. The intent is to make sure all children have access to everything (asset records, etc.) Other than everyone having to sign everything, it turned out OK. Attorney who probated it said it is a terrible idea to do this. Not sure what the reason for this statement was.
one safe place
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I hated it from an estate tax return perspective, though when dealing with multiple executors I only dealt with two, never three. Much easier dealing with one than more than one.
ToddyHill
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There were two executors (two of my brothers) who handled our mother's estate. My older brother (who's career was in construction), deferred much of the work to my younger brother (who is in the banking industry). The key is that all the surviving siblings got along and there were no differences of opinions.

Fast forward to today. My wife and I each have three daughters from first marriages. We appointed one of my daughters and one of her daughters as co-executors. All of our daughters are in complete agreement with the terms in the Will as we've been completely transparent with them.

I think the key thing to having more than one executor is the unity of those who will be beneficiaries. Otherwise, I could see having only one executor.
schwack schwack
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AG
I'd think the whole family would have to be on the exact same wavelength to make it work quickly & efficiently.

Are y'all in the same town? Is one a "procrastinator" or do they have a job/profession that would limit their participation making decisions harder & slower?
permabull
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AG
Is you father still alive or are you in the process of probating the will?

If he is still alive I would say leave the will as it is and decide if you want to be part of the executor committee down the line. If you are probating the will, first sorry for your loss, but as someone who was an exextor, I would decline if I felt the other two would be able to handle it.

I had to keep all the beneficiaries in the loop for the entire process and they had the right to sue me personally if they felt I wasn't acting in the best interest of the estate. So there really isn't much to worry about by giving up that power.
DannyDuberstein
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AG
If y'all are unified, I'd have two step back. They can sign a document that basically says they decline and support the one remaining taking the role.
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