Alternate Executors When you create a will and appoint an executor, you should also appoint an alternate executor. This person will take over the executor duties if your first choice dies, is unable to act as executor, or decides he or she does not wish to be the executor.
What is a substitute executor?
A substitute executor is one who will take the place of a named executor if they are unwilling or unable to act. A substitute executor may, for example, be another named individual or may be a professional executor such as a law firm.
How do you appoint a substitute executor?
To appoint a substitute executor simply state in your Will that if the executor is unable or unwilling to act, the substitute executor will become the executor. When choosing multiple executors you must exercise caution. Approval from all executors is necessary in decisions relating to the estate.
Is it a good idea to have co-executors?
In most situations, it’s not a good idea to name co-executors. When you’re making your will, a big decision is who you choose to be your executor—the person who will oversee the probate of your estate. You can, however, name more than one person to serve as executor.
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.
Do you have to be an executor of a will?
In some cases, assets can pass to heirs without probate (or via a streamlined probate process), but the law in most states still requires filing the will in probate court. 4. Locate the Assets and Manage Distribution As executor, it’s your responsibility to control the assets until the estate is settled.
Can a court appoint an executor without a name?
Even without providing a name, the court can reasonably ascertain whom the testator intended to designate and will consider this valid. There are a few circumstances where a court is responsible for appointing an executor to administer and distribute a decedent’s estate.
Can a person refuse to be an executor of a will?
One of the reasons a possible executor has the option of refusing the job is that enormous responsibilities accompany it. Regardless of whether the will named the executor or the court appointed them, the job duties are the same.
