What happens if I relinquish my rights as an executor of my father’s will?

Q: My two sisters and I were named co-executors of my father’s will. Both my sisters have asked if I would relinquish my rights as an executor since they were named joint powers of attorney for my mother who has Alzheimer’s. If I relinquish my rights how will this affect future decisions for my mother and the handling of the estate in my father’s will?

A: I am not sure what the connection is with your mother’s POA and you being tri-executor of your father’s will. By renouncing your right to be executor of your father’s will, you do not lose any right of inheritance, you just give up your right to administer the estate and charge a fee for your services, which could be 5% of the gross estate. Being executor requires a great deal of work sometimes and can be time consuming and stressful. If the fee is an issue, ask your sisters to split the 5% three ways. You would also be giving up the right to make decisions of how the estate is administered. However, unless there are unusual issues with the estate, most are pretty straightforward, especially if a lawyer is involved.

If you feel like this issue relates to you, or a problem that you are experiencing, please contact me so that we can discuss your situation.