With its status as one of the most critical legal documents you can create, you want to ensure that you select the proper person to be the executor of your will. You will want to choose someone who you know is responsible and will carry out the distribution of your assets according to your wishes after you pass away. But is it possible to select more than one person to fill the role of executor? The answer to that question is yes. The following will examine the role of an executor of a will, how you can select multiple executors of your will, and the pros and cons of having multiple executors of your will.
What Does an Executor of a Will Do?
An executor is the person (or multiple people) responsible for the distribution of the assets named in your will in the appropriate manner you chose to have them distributed. But the role of the executor is not limited to simply the distribution of assets. Other tasks executors face include the following:
- Filing a petition to begin the probate process
- Administrative tasks such as paying off bills and closing the decedent’s accounts
- Tracking down and receiving access to assets
- Notifying beneficiaries and other interested parties
- Notifying the probate court when all assets have been appropriately distributed
How Can You Choose Multiple Executors of Your Will?
To designate more than one executor of your will, you need to provide the relevant information for all whom you would like to be co-executors, just as you would need to provide the relevant information for a single executor if you only have one.
What Are the Pros of Having Multiple Executors of Your Will?
Depending on your personal situation, you may find that there are benefits to having more than one executor of your will. An example of a situation in which it could prove helpful to name multiple executors is the following:
- If you own a business and there are trusted individuals who have knowledge of your personal and business assets, but not both. For example, perhaps your spouse is one executor and has extensive knowledge of your personal assets, but not your business assets. In this scenario, you may find it helpful to have a business partner be a co-executor since that individual has extensive knowledge of the business assets.
This is not to say this is the only scenario in which it would be helpful to have multiple executors. It will depend on what assets you have and what you believe is best for your situation.
What Are the Cons of Having Multiple Executors of Your Will?
While you may find that having multiple executors of your will is right for you, there are downsides to doing so, which is why we generally advise against it. One of the major drawbacks of having multiple executors lies in the fact that all need to be on the same page in regard to carrying out their duties. Disagreements between the multiple executors can lead to delays in the probate process – in addition to likely family conflict.
For any questions regarding the creation or updating of your will, or any of your other estate planning needs, we are here to help. Contact us today to learn more about how we can work with you.
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