Appointing an executor is one of the most important aspects of drafting a will. This individual is responsible for ensuring your final wishes are carried out, paying your debts, managing your assets and distributing your property to the appropriate heirs. Since serving as an executor is such a big responsibility, you should select one you trust. The executor you appoint should also be organized, communicative and fair.
These days, many people are naming more than one executor in their will. Co-executors must work together closely, so they ideally should get along well.
Here are some advantages of appointing more than one executor.
They Can Divide Up the Work
Serving as the executor of an estate is a huge undertaking and requires a great deal of work. If this person has a full-time job and a family to take care of, fulfilling all the duties of an executor can be challenging. That’s one good reason to appoint a co-executor. If you have more than one person serving as an executor of your will, they can divide up the work, so things won’t be as overwhelming.
They May Have Different Strengths
Everyone has different strengths, which can be an advantage for your estate. For instance, one executor might have extensive knowledge about real estate and may be able to sell your properties faster. The other executor might have excellent people skills and may be able to communicate with heirs in a timely fashion.
It Can Prevent Feelings of Favoritism
If you appoint one child as executor of your estate, your other children might feel like you are favoring him or her. This can lead to hurt feelings and resentment. You definitely don’t want your children fighting with each other after you’re gone. That’s another advantage of appointing more than one executor. If you designate more than one of your children as executor, your other children may not have feelings of favoritism.
Asking Your Children to Serve as Executor
If you have decided which children you want to serve as your executor, you should have the conversation with them as soon as possible. Being an executor is a big job, and not everyone may be up for the task. Discuss all the responsibilities with them and ask them if they would like to be your executor.