Should You Name More Than One Executor to Your Will?
Should You Name More Than One Executor to Your Will?
Depending on your needs, you might want to appoint more than one person to manage your estate. But before you go into the trouble of naming multiple co-executors, it is important to consider some of the pros and cons of doing so.
Co-executors
Co-executors can help lighten the load on the primary executor, and they may be a great resource for the executor. They can help the executor with legal topics, subject matter expertise, and even tech knowledge. A co-executor might also be helpful if the estate contains a lot of digital assets.
If you are trying to decide between having one or more co-executors, it is important that you select a co-executor who is able to collaborate with other family members. This may sound obvious, but many people tend to play the blame game with each other. The co-executor might also feel that he or she is being overworked or has been unfairly treated. A co-executor might not be able to help you if you are dealing with a family member who is not as knowledgeable as you are.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
Selecting a co-executor
When selecting your co-executor, ask him or her about the pros and cons of having a co-executor. For example, do you want to keep real estate in your family? Or are you planning to sell it? How are you going to manage the paperwork associated with the sale? Do you want to have the co-executor sign a contract with the real estate broker?
Hiring a lawyer and an executor to manage the estate
You can have more than one executor, but it can be a pain to have multiple people doing the same tasks. You might want to hire a lawyer and a co-executor to manage the estate. This will avoid many of the pitfalls that can arise when people are not on the same page.
You may also want to name more than one executor if you have a number of beneficiaries, a large estate, or if you have a spouse or business partner. However, you should keep in mind that you may be liable for all the debts and assets of the estate. It may also be wise to hire a professional executor, especially if you or a loved one is violating legal rules.
While there are no hard and fast rules regarding how many co-executors to appoint, it is usually wise to keep the number to three or fewer. This allows you to divide the work among your co-executors and ensures that you don’t have more than one person in charge of your estate. If you do end up with more than one executor, it is important that you know how to manage them.
Special interest
A co-executor may have a special interest in the estate and be better suited for handling it. For example, if you own a business, you may want to appoint a co-executor with expertise in the business world. A co-executor who understands accounting may be better suited for handling your financial matters. A co-executor with a similar interest in technology may be able to help you with the administration of your online assets.
If you have questions, you can get a free consultation with the Best Estate Planning Lawyers.
Parklin Law – Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
Parklin Law Official Website
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