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In New Mexico, may I appoint more than one executor or personal representative?

In New Mexico, may I appoint more than one executor or personal representative?

Q: What are the problems with co-executors?

Co-executors can face challenges such as disagreements on decisions, which may delay the estate administration. Communication issues can arise, and if one executor is less active, it can create frustration for the other. Additionally, if one co-executor cannot fulfill their duties, it may complicate the process.

Q: Can there be multiple personal representatives?

Yes, you can appoint multiple personal representatives in your will. However, it’s important to outline how they will make decisions together and whether both signatures are needed for legal documents. Clear communication and a plan for resolving disagreements are essential to ensure effective estate management.

Q: Is it a good idea to have two executors?

Having two executors can be beneficial as it allows for shared responsibilities and oversight. However, it can also lead to complications if they disagree or have different management styles. It’s important to establish clear guidelines in the will to minimize potential conflicts.

Q: Is it possible to have two executors of an estate?

Yes, it is possible to have two executors of an estate. They can work together to fulfill the duties required to manage and distribute the estate. It is crucial to specify in the will how they will operate together to avoid potential conflicts and ensure smooth administration.

Full question:

Can there be more than one personal representative(executor) ie i wish joe doe and jane doe as my personal representative(executors)?

Category: Wills and Estates
Subcategory: Executors and Administrators
Date: 04/07/2025
State: New Mexico

Answer:

There is no prohibition in New Mexico law to the appointment of two or more executors or personal representatives in a will.

The issues to consider however include how decisions will be made between them and what to do in the event of a split decision. If you appoint co-personal representatives, your will should clearly define the duties of each. Are both signatures required for all business matters or legal paperwork? Or can one child sign checks for amounts under $500, for example? Can one child act without the other? How should disagreements between co-personal representatives be resolved? If one child chooses not to serve or predeceases you, can the other child serve alone?

Often a person will choose one to be the executor and the other to be the alternate if the first cannot, will not perform the duties or is unable to perform them. Also, remember that an executor can solicit (hire) assistance with performance of his/her duties if he/she does not possess the expertise. It is not uncommon for an executor to hire a law firm to assist.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if you have two executors?

If you have two executors, they must work together to manage the estate. They share responsibilities and must make decisions jointly unless specified otherwise in the will. This can lead to delays if they disagree on certain matters. However, having two executors can also provide checks and balances, ensuring that decisions are made fairly.

What are the problems with co-executors?

Who is the best person to have as an executor of a will?

The best person to serve as an executor is someone trustworthy, organized, and capable of handling financial and legal matters. This person should also be willing to take on the responsibility and be able to communicate effectively with beneficiaries. Often, individuals choose family members or close friends, but a professional, like an attorney, can also be a good choice.