Executors
My wife and I are in our second marriage.
We both have adult children. If my wife dies before me, I am her Executor. If I die, next, her adult child becomes her Executor and my adult child becomes my Executor. Is having our Step Children as executors a kosher thing?
Terry Says
I don’t know about “kosher” — but that’s often done. However, when did the two of you re-do your estate plan. A better idea might be having separate Revocable Living Trusts. That allows for a “successor trustee” to handle your assets if you are incapacitated, but not dead!
Then you could name each other as successor trustees — but each of your could name your adult child as the next successor if the successor trustee is unable to act.
Watch this video: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
You’ll need an estate planning attorney to handle this. But it will be worth the money in peace of mind to get this solved.
