Executors With Power Reserved
Description
How to fill out Pennsylvania Warranty Deed - Executor's Deed?
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FAQ
In the context of probate, power reserved means the postponement of an executor's right to the grant of probate in a deceased's estate. It applies where one executor does not wish to assert his or her right to the grant at present but does not wish to relinquish it totally either.
If there are multiple Executors named in the Will, and one doesn't want to be involved in the Probate process, then they can choose to have Power Reserved to them. This is where the acting Executor issues a formal notice, stating that they will be taking out the Grant of Probate in their name only.
If one of the executors with grant of probate dies, decides to step down, or is otherwise unable to continue administering the estate, a reserve executor can then be appointed.
Power Reserved means the Executor will not be actively involved in the administration of the Estate, at that present time, however reserves the right to do this at a later date in the future.