Joint Executors of an Estate
Oftentimes, my clients will appoint joint Executors in their Wills. This means they are appointing two people to jointly administer their assets and apply for Probate. Usually it is their two adult children. They want to treat both children fairly and make sure that both are “included” and “know what’s going on”. These are totally valid reasons.
What happens though, when one co-Executor has different views to the other? What happens if these co-Executors are in different Provinces or perhaps don’t get along that well, if at all?
Co-Executors are supposed to make decisions jointly regarding the Estate assets. Neither has the legal right to act alone. Further, both co-Executors are “on the hook” to account to any other beneficiaries as well, so both need to be cognizant of their duties in relation to the assets of the deceased and each has a duty to protect and administer the Estate.
The Estate bank account should be set up so that all cheques or withdrawals need the signatures of both co-Executors. All Estate moneys should be put through there – this makes the Accounting much easier and allows for transparency.
This is provided as information ONLY; it should NOT be construed as legal advice. You should consult with a lawyer to provide you with specific advice for your own situation. For more information on estate planning and to discuss your specific circumstances, please contact Vanessa DeDominicis on 250-869-1140 or firstname.lastname@example.org Vanessa practices in the area of Wills/Estates and Real Estate at Pushor Mitchell LLP in Kelowna and would be more than happy to assist you.