Executor and Co-Executor

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Latest post 03-31-2008 8:41 PM by Tyra1965. 4 replies.
  • 03-31-2008 2:04 AM

    • Tyra1965
      Consumer
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    • Joined on 03-31-2008
    • NY
    • Posts 6

    Executor and Co-Executor

    My Grandfather recently passed away and left my Uncle as Executor and my father as Co-Executor. My father had no idea he was anything until he recieved a notice from a lawyer asking him to sign papers. These papers say Renunciation of Nominated Executor and/or Trustee ... what does this mean? Sounds to me by reading the letter he gives up his rights to everything? "I xxxxx Residing at xxxxxx, nominated as a executor in the will of xxxxx dated xxxx late of xxx in the county of xxxxxx, NEW YORK, hereby renounce the appointment and all right and claim to letters testamentary and under the Will or to act as executor. If he signs this what does it all mean?
  • 03-31-2008 12:38 PM In reply to

    Feedback [*=*] re: Executor and Co-Executor

    He probably should run this by his own attorney, especially since we cannot read the entire document. My reading is that he is simply renouncing his right to be a co-executor, not his rights to anything that may have been left to him in will.

    Not everyone wants to work with someone else on such a task.

    For one, thing, the executor is entitled to collect a fee for the work done. However, the executor may have to split the fee in any situation where there is a co-executor.

    Other people, simply dislike having to work with someone else on such a project. Quite often, in these situations, one person winds up doing the lion's share of the work and then that person resents the split, which is typically 50-50. Then, too, some people simply cannot get along and the probate process drags on while the probate court resolves disputes between co-executors, etc.

    Even under ideal circumstances, when there are co-executors, usually both have to sign off on anything major and that can be inconvenient, especially in any situation where "time is of the essence", as may happen in real estate transactions involving the estate.

    Personally, I did not name co-executors in my will because of the above issues. Seemed like more problems than solutions to me.

  • 03-31-2008 5:03 PM In reply to

    re: Executor and Co-Executor

    Yes, all he'd be doing is stepping down as co-executor.

    He'd still have the right to monitor what the executor is doing and insist on an accounting of what the executor did, he just won't be in on the administrative details or the decision making process.

    He does, however, have the option of refusing to step down and insisting that he act as co-executor if he has some doubts as to how his brother will be handling things.

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  • 03-31-2008 7:29 PM In reply to

    re: Executor and Co-Executor

    Naturally, we only know what you say the document says, but it sounds like his brother wants him to give up his role as co-executor, not that "he gives up his rights to everything." (Never quite sure why anyone would name more than one family member as executor, but it seems to happen with some frequency.)

    If your father doesn't understand what the document means as a practical matter, then he needs to run it by an attorney.

    If he wants to be a co-executor, then he needs to tell the attorney that he is not interested in signing this document. I'd also ask, by the way, if this attorney was hired to handle administration of the estate, why it is that the attorney agreed to act as estate attorney without your input as co-executor in the first place?? He might also want to have a conversation with his brother.
  • 03-31-2008 8:41 PM In reply to

    • Tyra1965
      Consumer
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    • Joined on 03-31-2008
    • NY
    • Posts 6

    re: Executor and Co-Executor

    Thank you for all your input. We have contacted a lawyer and letting him handle everything.
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