There are many factors that go into writing a complete will, but one important consideration that many neglect to put sufficient thought into is the designation of an executor. It is important to thoughtfully determine who is best for the role, and you might even decide to name more than one executor.
An executor’s duties include interpreting the deceased’s will, managing the estate and settling any outstanding debts and payments. By understanding more about how naming multiple executors can facilitate the completion of these tasks, you can make the right decision for your estate plan.
What is the benefit of naming multiple executors?
One prudent reason to name a second executor is to ensure that someone with specific expertise can oversee complicated aspects of your estate, such as the distribution of your ownership over a private business. It can also be as simple as naming someone who can assist your primary executor, such as a spouse, with difficult tasks. You might also consider naming someone who can assume the executor role if your primary executor is no longer able or willing to serve at the time of your death.
When should you not name a co-executor?
While it can be effective to have multiple executors who will oversee different parts of your estate, having multiple executors who share responsibilities can just complicate things or lead to disputes. It is a good idea to avoid naming several individuals of equal standing, such as your children, even if you are attempting to avoid showing favoritism.
Naming more than one executor in your will can streamline the probate process in some cases, but it can also complicate matters if done carelessly. It is important to carefully consider your circumstances before naming one or more executors.