A Lake Elsinore Probate Attorney down in Wildomar explained:
Co-Executors are two or more people who are named as Executors of your Will. Co-Executors do not share partial authority over the estate; each person you call as an Executor has complete jurisdiction over the estate. This means that:
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Co-Executors must collaborate on decision-making and information-sharing concerning settling the estate
Co-Executors must act together in all matters related to settling the estate
Co-Executors may be called on to perform specific duties together, such as going to court to submit the Will to probate or signing checks on behalf of the estate.
If the two Executors your name don’t live near each other, this can present serious problems.
Reasons an Estate Should Name Co-Executors In Your Will
One of the main reasons to name Co-Executors in your Will is if you have a wide variety of different types of assets that require the expertise of very different people. By naming Co-Executors, different people can be responsible for different categories of assets.
Driving Directions from Lakeland Village to Wildomar Estate Planning Lawyer:
This is especially useful when accounting for digital assets. If the person you’ve designated as your primary Executor is not very tech-savvy, you might want to appoint someone who is tech-savvy to serve as a digital Co-Executor. That way both your real and digital assets can be handled in the way you wish to by people who are well suited for the job.
To learn more about naming an Executor in your Will, contact the best estate attorney near Lakeland Village.