5/27/2021 0 Comments Who Is the Joint Executors? Joint Executors on this article are usually called upon to testify at a probate or estate court proceeding if one or more of the named individuals die. Many people believe that when one dies, there should be a simple distribution of property to the joint executors. While there may not be a formal written agreement between the two, often there is an understanding that a certain amount of property will go to the surviving spouse or children. There is no need for a probate lawyer, and it's not necessary to file any type of W-2 document, since the beneficiaries of the estate are usually referred to as the "successor beneficiary." However, it is always advisable to consult with a probate and estates attorney who can assist you and answer questions you might have. If the two named Executors are dead, then the court will determine who gets what assets. In many cases, the court may award to one or more of them, or it may award to one person. In the unusual case that no one is named on the petition, or if the deceased fails to have a valid power of attorney or living trust, then the court will decide who gets the property. This decision may be based on the age and condition of the individual, their financial circumstances, and the relationship of the two named individuals prior to death. Factors which may be considered in making the order of property distribution include: There are situations where the two named Executors may become irreconcilable. For example, if one spouse has a substantial pension and the other is not eligible for retirement benefits, the pension may become a major asset for the survivor. Although the surviving spouse may have an estate which would qualify for property taxes, the non-retirement spouse may choose to defer income tax until distribution. If the deceased was married, they are generally not required to make a joint-tenancy; however, some states do require that there be a joint tenancy. In this situation, assets must be divided fairly evenly, or the state may become involved. When there are a substantial number of assets owned by two or more people and one of them has a large asset base, the court here may appoint one of the Executors to act as the "trustee in trust of the assets," which means that the assets will be managed in the best interests of all beneficiaries. Depending on the state, this appointment may also mean that the estate will become a beneficiary of some type. While the beneficiaries can designate which asset(s) will be distributed, the court may also name alternate trustees to manage the assets in question. When there are many assets owned by one or more people and one or more of them has a very limited asset base, but several millions of dollars, the court may appoint one of the Executors to act as the trustee of the assets in question. In these cases, the two principals (the deceased and their survivors) may divide the assets among themselves as they see fit. The problem here is that there may be an inconsistent beneficiary. If so, it may become necessary to change the trust into a durable power of attorney so that the testator can make some decisions regarding the assets based on what they represent today. Joint proprietorships are not without their problems. If there are irreconcilable differences among the two principals(s), one or both may have a valid claim that they are entitled to a greater portion of the assets than they are entitled to now. But, if that happens, it is usually up to the courts to decide who gets what. If both executors disagree, then a court battle may be the only option. Follow this link for more info: https://en.wikipedia.org/wiki/Executor.
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