... Matt, Thank you for all the help you’ve given us over the past few months. and most of all being such a good listener and calm spirit – I really appreciate it. In fact, choosing the same person for both roles can streamline how your estate and trust are administered and ensure your wishes are carried out on both fronts. Just make sure it’s somebody that you trust. Depending on your state, this role can be referred to as the executor of the estate, executor of the will, personal representative or by other names, but the concept is the same. Let’s look at them in detail: 1) A will executor §§ 733.303, 733.504.) If you are married, it’s important to note that we typically appoint your surviving spouse as the 1st Trustee, Executor and of course guardian of the children. The Trustee is often the same person chosen as Executor, though that’s certainly not a requirement. This is done either consistent with the terms of a valid will or the intestacy laws of the state. • 390 Bedford Road These roles are completely different and the people who will need to take on the responsibilities that go with them, would be quite different as well. The flip side of that is if you have someone who’s really good with kids, you can name them as guardian and then have someone who’s good at financial management handle the funds. There is no legal reason prohibiting appointing the same people as Executors, Trustees and Guardians if you wish, but you should be aware that there is a potential conflict of interest in that the Trustees are responsible for advancing sums of money held in Trust to the Guardians to help with Guardianship duties. This law firm website & legal marketing is managed by MileMark Media. Many people can be confused by these different roles and their responsibilities. The testator can appoint any number of executors, but a maximum of four people will be authorised at one time to manage the estate, and, in any event a large number may make administration cumbersome, so it is recommended that there should not be more than 3 or 4 executors. When you are creating a will and a trust as part of your estate planning, you need to name an executor as well as a trustee, which can both be the same person, if you wish. The administrator has more or less the same responsibilities as an executor. One executor is usually sufficient to administer the estate. Dear Jim, Thank you so much for all your help, your professionalism and the champagne. His primary practice areas include Real Estate, Trusts & Estates, which includes the use of estate planning tools such as Wills, Revocable Living Trusts, Health Care Proxies, Living Wills and a Power of Attorney. but we appreciated having you there to guide us along the way. As first time home owners we had so many questions and your patience and responsiveness made the entire process easier and more transparent. But whether they should be the same individual can depend on several factors. I do not understand what you mean by "invoking" your power of attorney. If you are about to have your will drafted, you will need to choose someone to be your Executor. An Executor (also known as Executrix and Estate Trustee) fulfills the directions of a Will by taking control of the assets of the estate. It helps to understand the roles of the executor and the successor trustee in your estate plan as you make a decision because some of the factors can be personal. • Boy, did we need the bubbly after all that signing! BARRY HAIMO: In Florida, you may appoint the same person, persons, or entity as executor—or personal representative in Florida—trustee, or guardian of person or property of your choice. In fact, it is very common for the trustee and guardian to be the same person, although some people feel strongly that they should be different people. Please enable Cookies and reload the page. The trustee of your trust is named in your trust document.. Your executor must be: 1. at least 18 years old, and 2. mentally and physically capable of serving -- that is, not judged incapacitated by a court.Like many other states, Florida prohibits people who have felony convictions from serving as an executor.(Fla. The will executor is the person that “probates the will,” meaning he or she files the necessary documents in probate, usually through an attorney, to start the process of both transferring the assets and legal … Yes, it is possible for the same person to be appointed as both Executor and Trustee. Dear "Curious Testator": It is permissible for the same person to serve all three functions. Two of these roles are: Executor and guardian. We just wanted to say “Thank You.”, Matt, Thanks for everything . TEL: 914-741-2288 ...read more, Jim’s practice areas include Trusts & Estates, Elder Law, Real Estate, Business Law and Litigation. DEAR JEFF: I have young children, and my husband and I are in the process of preparing our wills. Thanks again and we will talk to you soon. A Guardian takes responsibility for any minor or disabled child and … This also ends once you die. Jim’s professional and community service includes service as President of the Putnam County Bar Association, President of the Estate Planning Council of Putnam County, President of the Greater Chappaqua Chamber of Commerce...read more. Jim has authored more than 150 legal articles for his weekly column in the Putnam County Press and has lectured on all facets of his practice areas. See you around the neighborhood. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. A person's will can name both an executor and a conservator. Appointing a sole executor might be risky - he or she may die before you do or shortly after you, or may renounce his or her position. We know these aren’t the easiest of deals right now and ours had some twists and turns . Pleasantville, NY 10570 Additionally, a living will may also name a conservator, but not an executor. Matt has lectured for the Pace University School of Law Land Use Law Center’s continuing legal education program. Matt is currently serving as the Village Prosecutor for the Village of Elmsford. There is no problem with having one person do both jobs. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. Jim, Just a note to thank you again for all your help. Is it permissible for a person to be named as the My best to you and yours. Legal documents can be difficult to understand, containing unfamiliar words. Another way to prevent getting this page in the future is to use Privacy Pass. All rights reserved. TEL: 845-628-0009. Matt received his JD from Pepperdine University School of Law in 1991. You may need to download version 2.0 now from the Chrome Web Store. Some would be good at both, others not. This means, that the person you want to be your Executor/Personal Representative will be responsible for obtaining Letters of Authority from the Probate Court and guiding the estate through the complicated Probate process. An Executor is the person who administers your Will after you die and makes sure that your wishes are carried out. Ct. Proc. Getting Letters of Authority and navigating the Probate process can be complex. Mahopac, NY 10541 And while the role of Executor is a relatively short position, a Trustee’s job can last decades. There’s really no right or wrong answer, but I think it’s a good idea to have the same person fill the roles of executor, guardian, and trustee. Your executor and successor trustee can usually be the same person, and it's actually a quite common arrangement. Frequently, the best choice for your children is to have a separate Guardian and Trustee. If you project out and your kids are in the custody of your guardian, would you want that guardian to have to go knock on someone else’s door to get funds? Thus, it may make sense to separate the responsibility of raising the children from the responsibility to manage their finances, or at the very least, consider naming a co-trustee to work alongside the guardian. Other problems may arise if an adult is well-suited to serve as the minor's guardian but lacks the financial acumen to manage a substantial estate. The same is true for a guardian, particularly a guardian of the person. FAX: 914-495-3777, 421 U.S. 6 Surr. Can I appoint the same person as executor (personal representative), trustee, and guardian? Again, this person can be the same person who acted as your attorney during your lifetime. In such a situation, the character of the executor/guardian and his/her relationship with your child(ren) would be particularly important. Your executor must be: 1. at least 18 years old, and 2. of sound mind -- that is, not judged incapacitated by a court.Like many states, New York also prohibits people who have felony convictions from serving as an executor.(N.Y. Even though some states do not prohibit non-resident executors, some will require the executor to post a bond, or name a resident as the executor’s representative. His Elder Law practice includes Medicaid Planning, Medicaid Applications and Asset Protection. If your mother is competent and wishes to revoke it in … He has been an Arbitrator with the National Association of Securities Dealers (NASD) since 1994 and represents clients in Securities Industry Arbitrations at the NASD and New York Stock Exchange. Ann. Although the guardian raises your children, any money left for your child will be in some type of trust, and can be managed by the same person named as Guardian or by someone else. . The same person may serve in all of these roles, or there may be two or three different people chosen by you. It is possible for one person to be both sole heir and executor. Executor of the will . Stat. . One issue with having grandparents do both is age. Act § § 103, 707.) Up to four executors can take up the position by law. Performance & security by Cloudflare, Please complete the security check to access. Our firm is open and serving the needs of existing and new clients. An Enduring Guardian gives someone decision making power over your medical and health care decisions and needs if you lose the mental capacity to make those decisions for yourself. As you probably know, the guardian is responsible for the day to day care of the child involved. Westchester & Putnam County Estate Planning Lawyers. © 2017 - 2021 Meyer & Spencer, P.C. Who To Choose. While it can be argued that these transactions would be for the benefit of your child, the guardian would also be benefiting from them. Cloudflare Ray ID: 619b4a361e42eb79 Depending upon the situation, you may also need to choose someone to be a Trustee of a trust, or be a Guardian to your minor children. Your IP: 72.47.233.99 In the case of Wills, certain key terms frequently cause confusion – specifically, Executor, Trustee, and Testamentary Guardian.. We hope the following discussion will help clarify these three very different terms. . There’s really no right or wrong answer, but I think it’s a good idea to have the same person fill the roles of executor, guardian, and trustee. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. afan wrote: ↑ Mon Jan 29, 2018 10:29 am Whether the same people should be guardian and trustee depends on the individuals. The executor and guardians for children are usually named in your will; the health care proxy, living will, and durable power of attorney are usually distinct legal documents authorizing specific individuals to carry out certain tasks. Matt also handles Probate and Administration and Guardianship matters. How can a power of attorney potentially prevent a guardianship proceeding? Time and travel can also slow up proceedings if your executor is a non-resident Finally, an executor should not … Most people appoint two or three executors, depending on who they choose. . The executor, sometimes known as the personal representative, oversees distribution of the assets of the estate. We appreciate all you did to make our closing as smooth as possible. I can see both sides, but I tend to encourage people to use separate people, not as a message of distrust of the guardians, but because we care so much about the children and want to have as much wisdom as possible brought into the process. Each job has different duties. Who keeps track of what the guardian is doing? These may be the same person or two different people. If you have children under 18 when you die, then any property you leave them automatically goes into trust. In fact, this is not uncommon. The potential for conflict of interest can arise if the trustee and guardian are the same person. Michelle, Thank you so much for your help during our home buying process! In a properly designed Will and Trust (Estate Plan), we appoint at least 2 ‘backups’ for these positions above. There is no legal reason why the same person cannot be appointed in two or more of these roles, but it's important that they are clear … If you project out and your kids are in the custody of your guardian, would you want that guardian to have to go knock on someone else’s door to get funds? This would of course especially be a concern when minor children are involved, and you have opted to name a guardian for such children in your will (who may or may not be the same person as the executor). Click here for more information. The same person can hold both the power of attorney and the right to be an executor after the person issuing the power has passed away. As executor, though that ’ s continuing legal education program navigating the process! To have a separate guardian and trustee to choose someone to be both sole heir and executor just... You so much for all the help you ’ ve given us over the past few months will to... All being such a good listener and calm spirit – I really it! 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