Choosing to build out your estate plan is a great step toward getting your affairs in order and lessening the burden on your family if the worst should occur. However, naming the right executor or executors is yet another crucial step to take in ensuring a smooth probate process.
An executor’s role is to manage the deceased’s estate according to the terms of their will. This is a complex and multi-faceted task and one that might be easier or less burdensome to accomplish in some circumstances by naming multiple executors.
What are the benefits of having more than one executor?
The first and perhaps most obvious benefit to having more than one executor for your will is that the secondary individual can assume the role if the primary executor becomes unable or unwilling to carry out their duties. Another strong benefit is that separate individuals with different specialties can oversee disparate areas of your estate, such as one co-executor who specifically handles the distribution of a private business.
Is there a downside to naming a co-executor?
If you name multiple executors whose responsibilities overlap, this opens up the possibility for complications or outright disputes. Naming multiple family members as co-executors might even lead to accusations of favoritism. While it can be effective and highly proactive to have multiple executors for your estate, it is prudent to clearly define their roles in your will so as to avoid confusion or arguments.
Having more than one executor who can oversee the administration of your will can help smooth things over during a difficult time, especially if you have a particularly complex asset profile. If any disputes arise from the naming of multiple co-executors, though, it may be necessary to solve those disputes through mediation.