My question involves estate proceedings in the state of: New Jersey
Hello. I and my siblings (brother and sister) were all named co-executors of my parents estate. My mother died recently, followed shortly by my father. My mother left everything to my father first-then us three children. Dad's will says the same thing-so I know everything has to be put into Dad's name and then from his to be distributed.
My brother says having 3 executors is too complicated. He would like my sister and I to sign away our executor rights so he (a lawyer in another field) can handle everything. Since my parents death, things are contentious. If I give up my rights as executor, do I give up any rights in the sale or distribution of assets? He says there will be another lawyer to "sign off" that he does everything legally/above board, but the form letter he gave me made me pause-a stock letter from the court? He said all three would have to make all the phone calls to credit card companies, etc., and then all three would have to get a bond for the estate-versus him being a lawyer asking the court to excuse a bond.
He said he was told that in New Jersey-courts don't like co-executors. Is this true?
Thanks!
Hello. I and my siblings (brother and sister) were all named co-executors of my parents estate. My mother died recently, followed shortly by my father. My mother left everything to my father first-then us three children. Dad's will says the same thing-so I know everything has to be put into Dad's name and then from his to be distributed.
My brother says having 3 executors is too complicated. He would like my sister and I to sign away our executor rights so he (a lawyer in another field) can handle everything. Since my parents death, things are contentious. If I give up my rights as executor, do I give up any rights in the sale or distribution of assets? He says there will be another lawyer to "sign off" that he does everything legally/above board, but the form letter he gave me made me pause-a stock letter from the court? He said all three would have to make all the phone calls to credit card companies, etc., and then all three would have to get a bond for the estate-versus him being a lawyer asking the court to excuse a bond.
He said he was told that in New Jersey-courts don't like co-executors. Is this true?
Thanks!
Heirs and Beneficiaries: Giving Up Executor Rights
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