Co Executors Never a Good Idea
Should you pick two children as Co-Executors
Parents never want to hurt their kids feelings. As a result, many of them will appoint their kids as Co-Executors. In some states executors are called Personal Representatives.
Just like brothers and sisters argue in day to day life when it comes to a Probate or Trust these skirmishes can become volitile. Costing your Estate thousand upon thousands of dollars for them to fight it out.
Every parent comes into our office and says their kids would never do that. However, you put a dollar sign in front of them and it changes everything. I do not know what it is but money completely changes the dynamic for relationships.
People who otherwise love each other become mortal enemies fighting over the paiting above the dining room table.
The best thing you can do is plan distibutions they way YOU want and then have a conversation with your family and tell them what you are doing. You can ask for input, but remeber it is YOUR decision. In most states, children do not have a statutory right to thier parents assets. You can give your estate to whoever you want.
A revocable living trust is usually the best vehicle to accomplish these goals. First it avoids an open court case with Probate. Second, it is private and usually only beneficiaries have access to the Trust document itself and usually only to the portions that pertain to them.
So, if you direct your Successor Trustee to distribute one million dollars to Child A , then if Child B only gets $1,000 the Successor Trustee does not have to disclose either gift as long as they are following your directions.
This makes things much easier and does not provide an open file down at the courthouse. Settlement of a Trust is usually always handled by the Successor Trustee with zero Court oversight. This usually ends up being a much quicker and private process.
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Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118