Tags
Appointing Multiple Executors, Closing the Estate, Co-Executor, Common Estate, Common Estates, Complex Common Estate, estate, Estate Administration, Estate Business, Estate Planning, Executor, Out-of-State Executor, Planning, probate, Probate Court, probate process, Spouse, Surviving Spouse, Tax Professional, Taxes, Unintended Consequences
In common estates, appointing multiple executors happens regularly. There are many reasons for this occurrence such as sparing feelings of family or lack of confidence in the surviving spouse. Regardless of the reason, using multiple executors can be beneficial to an estate or disastrous to an estate. There are valid reasons to use multiple executors for a common estate, but not many. Unfortunately, those planning their estates tend to overlook essential factors in selecting executors. As a result, they appoint executors for the wrong reasons causing unintended consequences for the estate. So, before appointing multiple executors, those planning their estates must consider the essential factors in selecting executors.
The accounting process of an estate is an integral part of the probate process. Although estate law is different in many states, all states allow beneficiaries access to a final accounting. Therefore, an executor of an estate must produce a final accounting to close the estate.
To properly plan your estate, it’s important to understand how your estate size will influence your estate plan. As explained in the article 
The doctrine of ademption applies to specific bequests no longer owned by the testator at death. In general, when bequeathed property is no longer part of the estate at death, the bequest fails. As a result, the intended beneficiary receives nothing and doesn’t retain any rights to the property. 
