Hi, Our parents are now both deceased with Dad dying only recently. Dad's made the 5 of us kids (not little, ages 51 - 66) executors. We're all spread out within an hours range of travel to each other & Dad has left a lot to sort out. My eldest brother proposed the following;
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As noted at our meeting on 4 November, it is a requirement that an Estate Account is established to use for the process of execution of the Will and the wind-up of Dad's estate (the Estate).
1. As we are all Executors of Dad's Will, we will all need to sign it so that the Bank has our authority to set-up the account.
Two other matters related, refer to p1 of the form, Signing Authorities:
2. When the account can be used, it is from there transactions relating to the management and win-up of the Estate will be made. I think that we would agree that all must be made aware when a transaction is made and where one is proposed likewise. We will need to establish an agreed process for that, in particular, agree on how approvals for payments will be authorised and managed as a group.
3. Servant to the above, it would be prudent to establish boundaries and trigger points regarding the number of signatures required on/to authorise transactions (refer p1 of the form as noted above). Given what we know to date of Dad's routine bills (gas, electricity etc) and the practicalities to physically sign, these are suggested as follows:
- $0-$2,500 two signatures
- $2,501-$15,000 three signatures
- $15,001-$30,000 four signatures
- Over $30,000 all five signatures
Please come back to all on the above"
I had replied that I'm fine with that. We are a close family & whilst we don't always see eye to eye, we have a democratic majority rules approach & have always been very supportive of each other. My older sister however has had a hissy fit & thinks this is relinquishing her rights as executor. I'd be grateful for advice please. I think she's being silly, but maybe I'm the ning nong?
Thanks
"
As noted at our meeting on 4 November, it is a requirement that an Estate Account is established to use for the process of execution of the Will and the wind-up of Dad's estate (the Estate).
1. As we are all Executors of Dad's Will, we will all need to sign it so that the Bank has our authority to set-up the account.
Two other matters related, refer to p1 of the form, Signing Authorities:
2. When the account can be used, it is from there transactions relating to the management and win-up of the Estate will be made. I think that we would agree that all must be made aware when a transaction is made and where one is proposed likewise. We will need to establish an agreed process for that, in particular, agree on how approvals for payments will be authorised and managed as a group.
3. Servant to the above, it would be prudent to establish boundaries and trigger points regarding the number of signatures required on/to authorise transactions (refer p1 of the form as noted above). Given what we know to date of Dad's routine bills (gas, electricity etc) and the practicalities to physically sign, these are suggested as follows:
- $0-$2,500 two signatures
- $2,501-$15,000 three signatures
- $15,001-$30,000 four signatures
- Over $30,000 all five signatures
Please come back to all on the above"
I had replied that I'm fine with that. We are a close family & whilst we don't always see eye to eye, we have a democratic majority rules approach & have always been very supportive of each other. My older sister however has had a hissy fit & thinks this is relinquishing her rights as executor. I'd be grateful for advice please. I think she's being silly, but maybe I'm the ning nong?
Thanks
