{"id":11514,"date":"2015-11-25T12:44:30","date_gmt":"2015-11-25T16:44:30","guid":{"rendered":"https:\/\/legalcounselnj.com\/?p=11514"},"modified":"2020-04-13T15:12:21","modified_gmt":"2020-04-13T19:12:21","slug":"choosing-executor","status":"publish","type":"post","link":"https:\/\/legalcounselnj.com\/choosing-executor\/","title":{"rendered":"Choosing an Executor"},"content":{"rendered":"

Being \u201cFair\u201d By Naming All Children as Fiduciaries<\/u><\/strong><\/p>\n

Many parents prefer to name all of their children as Co-Executors, Co-Trustees or co-guardians in their Last Wills.\u00a0 They \u201cjust want to be fair\u201d and not have to choose between them.\u00a0 Making this, and other types of fiduciary designations in your Last Will, is a ticket to a courtroom, and the end of any family harmony.<\/p>\n

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Rule By Committee<\/u><\/strong><\/b><\/p>\n

During an estate planning interview, clients often tell me not to be concerned.\u00a0 Their children are all nice to each other and get along very well.\u00a0 But, even assuming that you are correct, naming them all as co-anything creates \u201crule by committee\u201d.\u00a0 \u00a0Each as an equal say in deciding any issue, and this is where personality traits come into play.\u00a0 Those irritating traits that could be overlooked in the past, now become heightened in the stress and turmoil of living through difficult times. Your children did not agree upon everything in the past; it is unlikely they will agree when your estate is being administered.<\/p>\n

Families Should Stick Together, But\u2026<\/u><\/strong><\/p>\n

Nearly all of my clients tell me that their children are wonderful and always get along.\u00a0 After all, they grew up in bucolic Hunterdon County, New Jersey, where they received the best of everything. I am sure that they are wonderful.\u00a0 But, what many parents do not understand is that they, the parents, are the \u201cglue\u201d that keeps the family together. When the parents are gone, so is the glue.\u00a0 Things change.\u00a0 A week does not go by in my office when a probate matter, or elder matter, comes in because there is a disagreement among siblings.\u00a0 Forgive me, but your position on your kids does not square with my weekly experience.<\/p>\n

Spousal Influence<\/u><\/strong><\/p>\n

Well, maybe you are lucky, and you are right.\u00a0 Your children all get along.\u00a0 But what about their spouses?\u00a0 Is your son-in-law or daughter-in- law agreeable to your estate plan?\u00a0 Will they have some influence over your child?\u00a0 Many times, yes.\u00a0 I see it.\u00a0 Sometimes I can get the kids to reconcile and work out their differences, but then a spouse enters the fray and everything is undone.<\/p>\n

Our Society has Changed<\/u><\/strong><\/p>\n

The fact is that these types of disagreements and court filings were once rare.\u00a0 Not so much anymore. I have noticed, my colleagues have noticed, public officials have noticed, and judges have noticed, that the number of these disputes have skyrocketed over the past decade with no end in sight.\u00a0 This is the entitlement generation. I want you to pause and carefully consider your choice of Executor and Trustee.<\/p>\n

Attorneys Are No Longer Recommending Family Fiduciaries<\/u><\/strong><\/p>\n

Some of my colleagues have begun advising their clients never to choose their children as Executor, Trustee or for any other fiduciary function.\u00a0 Some have created family harmony programs where the children agree in writing not to fight, and have a \u201cClear the Air\u201d session in their office.\u00a0 Sound a little over the top?\u00a0 Maybe, but it is protecting estate plans from attack and thereby preserving happy family ties.<\/p>\n

Consider Choosing Someone Outside of the Family, or an Institutional Fiduciary<\/u><\/strong><\/p>\n

I ask that you spend some time thinking about these issues. Just don\u2019t pick one or more of your children without any thought.\u00a0 Perhaps there is someone outside of the family?\u00a0 A trusted friend, professional or other person can be considered.\u00a0 Perhaps your local bank will fill the role.\u00a0 Certainly, there are trust companies, such as Garden State Trust Company, in Lebanon, Hunterdon County, which will serve as Executor or Trustee. Yes, they charge a fee, but your child fiduciary is entitled to a commission as well, and, isn\u2019t this fee worth preserving your family\u2019s harmony?<\/p>\n

Choosing a fiduciary to handle the various aspects of your estate should not be a quick, automatic solution.\u00a0 There are many issues to consider.\u00a0 The future of your family may depend on it.<\/p>\n

\n

Robert J. Shanahan, Jr. Esq focuses his practice in estate planning, elder law and probate matters.\u00a0 Mr. Shanahan additionally practices in business law and non-profit matters. He is a trained, experienced mediator and offers dispute resolution services, particularly for those arising from probate and elder law matters. Additionally, Mr. Shanahan\u2019s firm, Law Offices of Robert J. Shanahan, Jr., LLC, offers a breadth of additional services to families and businesses throughout central New Jersey.<\/p>\n

Mr. Shanahan received his Juris Doctor from the Temple University School of Law in 1985, and obtained licensure in New Jersey in the same year.\u00a0 He received a Bachelor of Arts degree in History in 1981 from William Paterson University, with honors.\u00a0 Robert is a member and Past President of the Hunterdon County Bar Association, and is a member of the New Jersey State Bar Association, and its Elder Law and Disability Section.\u00a0 He is also active in the National Academy of Elder Law Attorneys.\u00a0 Robert is a member of the Hunterdon Medical Center\u2019s Bio Ethics Committee, and he was awarded a Five Star Financial Services Professional Award for 2016.<\/p>\n

You may contact Robert at (908) 751-1551, or robert@legalcounselnj.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Being \u201cFair\u201d By Naming All Children as Fiduciaries Many parents prefer to name all of their children as Co-Executors, Co-Trustees or co-guardians in their Last Wills.\u00a0 They \u201cjust want to be fair\u201d and not have to choose between them.\u00a0 Making this, and other types of […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[228,24,3007],"tags":[],"_links":{"self":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts\/11514"}],"collection":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/comments?post=11514"}],"version-history":[{"count":0,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/posts\/11514\/revisions"}],"wp:attachment":[{"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/media?parent=11514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/categories?post=11514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalcounselnj.com\/wp-json\/wp\/v2\/tags?post=11514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}