“Executor” refers to any person or institution that has been appointed to administer an estate. Executors, like other fiduciaries, are entrusted to act responsibly and with integrity.
Selecting an executor can be quite overwhelming. In a recent episode of our Wealth Matters Radio Show, Gaslowitz Frankel partners Adam Gaslowitz, Craig Frankel, and Robert Port discussed the complexities of leaving your spouse and children in conflict over the management of your assets by naming them as co-executors of your will.
The Benefits of Co-Executors
Any decision regarding an estate must be made unanimously between the co-executors before either can take any action. This prevents one person from having too much power over an estate. Thus, opting for co-executors guarantees a “checks and balances” system of estate administration.
What Happens if Co-Executors Don’t Agree?
The benefits of appointing two co-executors become weaknesses when the two cannot agree. For example, where two co-executors cannot agree as to the amount of discretionary distributions necessary to support the surviving spouse and to reinvest for the future benefit of children and grandchildren, an impasse occurs. No action can be taken until either an agreement has been reached or a Court order resolves the issue.
Who Can I Trust to Administer My Estate?
If your goal is the appoint a neutral executor, a corporate fiduciary may be the best choice.
A corporate fiduciary is an individual or corporate entity who can administer your estate without the interference of personal bias. A corporate executor’s decision-making will not be subject to the natural influence or favoritism that family members feel for one another. Because corporate executives have no personal interest in your estate, your beneficiaries are more likely to perceive them as neutral parties and to accept decisions they might otherwise dispute.
To learn more about the benefits of using a corporate fiduciary, check out our Wealth Matters radio show.
If you are involved in a dispute over a will, trust, or estate, call us at 404-892-9797 for a case evaluation.
Gaslowitz Frankel LLC is Georgia’s premier fiduciary litigation law firm. We have earned a reputation for excellence across Georgia and the Southeast in providing representation to individuals, executors, trustees, investors, shareholders, and financial institutions in complex fiduciary disputes involving wills, estates, trusts, guardianships, conservatorships, and businesses.
