If you are currently thinking about how to plan your estate, you might wonder how you should choose your executor. The executor of your estate will have many different duties and responsibilities such as handling your estate in probate court, managing your assets, paying your debts, and distributing the proceeds of your estate to your heirs. At Elder Care Direction, our caring staff can help you to think through who you should name so that you select the right person or people for the job.
Why you might want to name co-executors
There are several reasons why it might be a good idea for you to name two different people to serve as co-executors of your estate. If you want to name your spouse as your executor but are concerned that the job will be too large for him or her to handle by himself or herself, it may be a good idea to name a lawyer or an adult child as a co-executor.
Another example when it might be a good idea to name co-executors is if you have two children and are worried that one might be angry if the other is chosen to serve alone.
Appointing co-executors may also be a good idea if you have many different types of assets that might require more expertise to manage. For example, one executor might handle your real estate while another might handle your bank accounts.
Benefits of naming co-executors
Naming co-executors can give you added protection in the event that one of them predeceases you. It can also make the task of serving as an executor a little easier to handle since the duties can be divided up.
Disadvantages of having co-executors
Naming co-executors can be less efficient in the probate process. Co-executors have equal responsibility for completing each part of the process, which means that they will both have to be given the authority to act by the probate court. Both will need to sign each form, and they will have to make unanimous decisions about everything.
If they have disagreements, the probate process can take a substantially longer amount of time. Disagreements can halt the probate process. In some cases, a disagreement can reach a point at which one co-executor might ask the court to remove the other because of alleged misconduct or incompetence.
How to name co-executors
You can name co-executors to handle your estate by stipulating to them and naming them in your will when you draft it. To make certain that you are following your state’s rules, you might want to consult with an estate planning lawyer.
Get help from Elder Care Direction
At Elder Care Direction, our professionals are focused on helping older adults and their loved ones to plan and prepare for the issues that people face in their old age. We can help you to think about the important questions concerning who to name as your executor. If you need additional legal help, we can refer you to one of our partner estate planning attorneys. Schedule a consultation today by filling out our online contact form.