Asia Studios Massage
Vaughan Spa

Joint Executor?

N

nlt76

Member
Jan 24, 2004
459
4
18
Hey,

Looking for an answer to a will question.

If my sis and I are listed as "joint executors and trustees" on a parents' will, does that mean we would have to always be together to sign for things or could we each do things on our own? I'm just looking over the will while my mom is still alive and wondering about this.

My sister lives 4 hours away, at the time the will was made she was in the same city.

Thanks in advance.
 
Yes, you will both have to sign off on everything. Very unhandy. I am not sure whether it's possible for one of you to bail out after the person dies.

It's best to have one executor. Parents sometimes do this so that the estate is divided equally but they can simply say that in the will and the executor has to do what is in the will.

I recently went through some of this. Maybe one of the lawyers on here can chime in.
 
thanks for the info, guys.

there is actually a 3rd alternate executor if one of us is unable or unwilling to act.

if my sister chooses to step aside... and allow the alternate to take her place - would that require some sort of legal paperwork?

i would think (hope) that the alternate and my signature would not be a problem... and that i wouldn't have to justify the alternate stepping up.

it's all about geography... although, there is a 5% chance my sister that is joint executor could be a pain, at an already painful time.
 
Sorry for your loss. It's been a while now. Not sure if financial inst. changed their rules. As far as I recall, you've to sign most paperwork together but not always physically there. Fax signature will work in most cases.

Sounds like more agreeable between you & your sister than with the alternate.

Sure there's some distance challenges but with careful planning may be able perform tasks remotely depends on how much belonging. It may be your parents' intention to reunite the kids?
 
nlt76 said:
thanks for the info, guys.

there is actually a 3rd alternate executor if one of us is unable or unwilling to act.

if my sister chooses to step aside... and allow the alternate to take her place - would that require some sort of legal paperwork?

i would think (hope) that the alternate and my signature would not be a problem... and that i wouldn't have to justify the alternate stepping up.
Click to expand...

Well if the will states that it is you and her as executors with the alternate executor to be used if one of you is unable or unwilling, then I'm sure there would have to be some justification for the alternate stepping up. I would imagine at the very least you would need a signed note from her (possibly notarized?) stating that she is unable or unwilling to be executor. Otherwise what would stop her from saying you two went behind her back?
 
the beard said:
Just a side note, the executor is entitled to 5% of the estate for performing his/her task as executor, but you have to pay tax on the amount, the better way of doing this is to put in your will that you leave both of you so much money and no executor fees can be charged, this way the money is willed to you and is tax free, just a loophole.
Click to expand...

Agreed. Have your mother change the will so that you are not entitled to executors fees, and leave a larger share to each of you.
 
Depending upon the amount of the estate and the complexity, it may be a lot less stressful, and inexpensive to hire a professional. They will charge a fee, but I believe the fee is tax-deductible.

The best way to deal with an estate is to try to have your parents give as much as they can to the beneficiaries of the will before they pass.
 
thanks everyone for the advice/help.

the will was actually a new one we were going to draw up (trying to avoid lawyer fees). things have changed since the previous will (which was made about 20 yrs ago).

my mom is having a heart valve replacement and i was hoping to get everything in order - just in case. looks like we're going to just hope everything goes good and get everything in order, little by little, later on.

i think my mom is feeling like it's too much to make a new will and an enduring power of attorney, list the assets and liabilities, gather pension/life insurance stuff, etc together.

even though i would rather do all this stuff in the really short time we have before her surgery, i had to agree with her to just let it go (didn't want to add more stress to her life). i know she is not happy with the current will, but, what can ya do?

all my other siblings do not seem to see the chaos i do should we lose our mom.

(by the way, the old will still has joint executors, just no alternate).

heart surgeries are routine these days, nothing to worry about!
heart surgeries are routine these days, nothing to worry about!
heart surgeries are routine these days, nothing to worry about!
 
if you do nothing else before the surgery, try to get her to sign a power of attorney at least.
I wish you, you family and especially your mom the best of luck.
 
thanks dc,

one thing i did manage (before i maybe made the mistake of over-load) was to get a POA set up at her bank. just her checquing account where her pension, etc goes in.

i'm not sure if you meant POA or an enduring one... probably the latter. that is something i worry about not being done. she's almost 80 and surgery is this month. maybe she will reconsider in the next couple days after she has a minute to think it over.
 
dcbogey said:
if you do nothing else before the surgery, try to get her to sign a power of attorney at least.
Click to expand...
I join in the wishes for successful surgery.

However make sure it is a durable power of attorney, otherwise it will become inoperative should your mother become incapacitated - which of course is your principle reason for obtaining one. Also I don't know whether the two can be combined in Ontario, or if you need separate documents, but if your mother is willing, be sure to have an "advance directive" or Health-care power of attorney empowering one of the two of you to make health-care decisions (including termination of life support) when your mother can not and of course talk with her about her wishes.
 
the beard said:
Just a side note, the executor is entitled to 5% of the estate for performing his/her task as executor, but you have to pay tax on the amount, the better way of doing this is to put in your will that you leave both of you so much money and no executor fees can be charged, this way the money is willed to you and is tax free, just a loophole.
Click to expand...
Also, should this affect anyone, if you decide to waive the executor's fee do so in a timely manner (and check what that is in your State/Province) otherwise the waived fee can be charged as a gift possibly making the estate subject to gift tax.
 
Aardvark154 said:
I join in the wishes for successful surgery.

However make sure it is a durable power of attorney, otherwise it will become inoperative should your mother become incapacitated - which of course is your principle reason for obtaining one. Also I don't know whether the two can be combined in Ontario, or if you need separate documents, but if your mother is willing, be sure to have an "advance directive" or Health-care power of attorney empowering one of the two of you to make health-care decisions (including termination of life support) when your mother can not and of course talk with her about her wishes.
Click to expand...

In Ontario, there are two you should have - one is a continuing POA for property (deals with financial matters); the other is POA for personal care.

This may provide some answers and guidance.

http://www.attorneygeneral.jus.gov.on.ca/english/family/pgt/livingwillqa.pdf
 
thanks and yep aardvark,

i had all the forms, the triggers to which enabled them, end of life wishes, etc, etc.

other than going with the joint executor (just cause that's the way the old will was) i was comfortable with presenting it to my mom as the way to go. the forms i was able to download off a bookstore CD are surprisingly complete. the book/CD was 'write your legal will' and around 25 bucks.

in depth instructions and samples, with it. something legal in a hurry.

wanted to cover everything... even had a notebook i wanted my mom to jot down all her wishes in. i should have eased my mom into all this a while ago.

if anyone has an aging parent and stuff not in order. don't be like me and wait for a major surgery to think about this.
 
dcbogey said:
In Ontario, there are two you should have - one is a continuing POA for property (deals with financial matters); the other is POA for personal care.

This may provide some answers and guidance.

http://www.attorneygeneral.jus.gov.on.ca/english/family/pgt/livingwillqa.pdf
Click to expand...


before i go and tout the do it yourself wills and other forms... i'm pretty sure for the financial institutions you have to fill out the POA's at each bank. might be different if a lawyer was involved.
 
nlt76 said:
before i go and tout the do it yourself wills and other forms... i'm pretty sure for the financial institutions you have to fill out the POA's at each bank. might be different if a lawyer was involved.
Click to expand...

A single continuing POA for property should be accepted at any bank. I used to see about one a week when I worked in a branch.
 
nlt76, hope all goes well for your mother.
Aardvark154 said:
I join in the wishes for successful surgery.

However make sure it is a durable power of attorney, otherwise it will become inoperative should your mother become incapacitated - which of course is your principle reason for obtaining one. Also I don't know whether the two can be combined in Ontario, or if you need separate documents, but if your mother is willing, be sure to have an "advance directive" or Health-care power of attorney empowering one of the two of you to make health-care decisions (including termination of life support) when your mother can not and of course talk with her about her wishes.
Click to expand...

That piece of paper saved us a lot of headache. Not sure if still applicable, it allowed us at the time to move my mother's money around to pay her bills & make funeral arranagement (her wish).
 
You must log in or register to reply here.
Ashley Madison
Toronto Escorts
Top Bottom
Back