A co-executor is a person who shares the responsibility of being an executor with another person. When two or more people share this role, it is called a co-executorship. They may have been named by the deceased as the co-executors, or they might be appointed after death by a probate court. A co-executor's responsibility includes When one executor cannot manage all of the responsibilities, he may want to name a co-executor. There are several reasons why this might be wise: If the executor does not know who he would like to name as co-executor, he can ask family members or friends for suggestions. He can also search online or in the phone book for estate planning attorneys who might have experience with co-executorships. When looking for a co-executor, the executor should consider their relationship to him, their willingness to serve as co-executor, and whether they have knowledge or skills that will help them in this role. The executor may also want to consider whether there are individuals who would be willing but probably cannot accept the role. For example, he might ask an adult child who is busy with work and family, but he will probably not ask a teenager. People who do not want to be named as co-executors can decline without having their feelings hurt. The executor wants people to feel that they are wanted, but most often the primary motivation for naming co-executors is completing certain tasks efficiently. There are several benefits to having a co-executor: The co-executors can share the work and responsibilities so that it is not too overwhelming for any one person. If one executor dies, resigns, or is unable to continue in his role, the co-executor can carry on the estate's business. Co-executors are able to discuss any problems that come up while carrying out their duties. They may have different ideas about how certain decisions should be made or what tasks should be done next. The executor benefits from these conversations because they help him make good decisions. A co-executor can take on some of the duties if the executor finds that he needs more time to handle other matters, such as caring for his own family after a death in the immediate family. This allows him to continue working with the estates while keeping personal obligations at an appropriate level. An executor benefits from co-executors because they can help with some of the more difficult duties, such as notifying family members. Deciding who to select as a co-executor is a very important task that requires consideration. The best person for the job is someone that the primary executor trusts and who is familiar with the deceased's wishes. Ideally, the co-executor should be someone who is available to take on the duties and who has the time and resources to do so. The co-executor should also be someone who is not going to have any trouble working with the primary executor. If you are unable to name a co-executor, the court will appoint an administrator to handle the estate. This is not someone you want to choose because it can be difficult and expensive to remove this person if there is a disagreement about how the estate should be managed. A co-executor helps the executor by sharing the work and responsibilities. If the co-executor is also an executor, then he can continue to serve if the primary executor dies, resigns, or is no longer able to serve. Co-executors are a great resource for discussing problems and making decisions. They can also help the executor if he needs more time to take care of his personal obligations. Co-executors are a great asset to an executor and can really help to make the process easier. Remember that having a co-executor is not required, but it can be a great help. The executor should choose someone he trusts and who is familiar with the deceased's wishes. The co-executor should be someone who is available to take on the duties and has the time and resources to do so. He should also be someone who is not going to have any trouble working with the primary executor. This is not someone you want to choose because it can be difficult and expensive to remove this person if there is a disagreement about how the estate should be managed. Co-executors are a great help to executors and can really make the process easier. Choose wisely! Co-executors are a great resource for discussing problems and making decisions. They can also help the executor if he needs more time to take care of his personal obligations. Co-executors are a great resource to an executor and can make the process much easier.
Why Would I Need a Co-executor?
For example, the executor might not want all personal information about the deceased's family members to be given out indiscriminately in letters or calls notifying people of death.How Do I Find a Co-executor?
What Are the Benefits of Having a Co-executor?
Who Should Be My Co-executor?
What Does a Co-executor Do for Me?
The Bottom Line
Co-executor FAQs
The benefit of having a co-executor is that the co-executor can take on some of the duties if the primary executor finds he needs more time to handle other matters, such as caring for his own family after a death in the immediate family. This allows him to continue working with the estate while keeping personal obligations at an appropriate level.
The best person for the job is someone that the primary executor trusts and who is familiar with the deceased's wishes. Ideally, the co-executor should also have time to take on this responsibility. The co-executor should also be someone who is not going to have any trouble working with the primary executor.
If you are unable to name a co-executor, the court will appoint an administrator to handle the estate. This is not someone you want to choose because it can be difficult and expensive to remove this person if there is a disagreement about how the estate should be managed.
The executor can ask family members, friends, or other professionals who might be familiar with the deceased's wishes. If there is someone you know you would like to serve as co-executor, but he lives far away, you can ask him as long as you are able to communicate with him. He does not have to live close by for this position. You can also engage a professional such as an attorney or financial planner to help you locate someone who shares your values and is familiar with the deceased's wishes and estate plans.
The executor can have more than one co-executor. Having two or three may be a good idea in case there is an emergency and one person cannot take on all of the duties for a period of time. It would also be a good idea to have someone who could step in to handle some things if the primary executor becomes sick and is not able to do so.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
