An executor performs many crucial roles, including distributing assets to beneficiaries after death. People usually appoint a single executor, but you can select two. There are several reasons you might want to do this.
Benefits Of Having Two Executors
On top of ensuring your heirs inherit your assets, your executor might also be responsible for other tasks, such as:
- Sorting out your finances
- Managing the necessary paperwork
- Valuing and safeguarding your assets
- Carrying out specific instructions
- Overseeing funeral arrangements
If these tasks are too heavy for a single person to accomplish, you might appoint a second person to reduce the burden on your initial executor. The co-executors may divide their duties according to their skill sets to complete tasks more quickly and efficiently. For example, one executor concentrates on finances while the other focuses on legal aspects.
Having two executors also helps give your loved ones greater peace of mind. The co-executors can check one another and ensure that each performs their role correctly and honestly.
Disadvantages Of Having Co-Executors
Two people can have different ways of achieving a common goal, which can happen between co-executors. Disagreements can devolve into serious disputes, and one executor might even ask the court to remove the other. Such conflicts can severely delay the probate process, increase costs and foster resentment among the parties involved.
There are many ways to create your estate plan, but you must carefully consider your options to minimize the risk of conflicts and other issues. An experienced estate planning attorney can help you create a valid and comprehensive estate plan that matches your requirements.