Estate planning is an important topic that many people find intimidating. Nobody relishes the prospect of contemplating what happens if they pass away. However, the benefits of providing security for your loved ones far outweigh any drawbacks.
One key aspect you will have to decide on is who will execute your will. This person is tasked with ensuring that your assets are allocated as desired, managing your estate taxes and several other financial obligations.
Thus, it is important to nominate someone you deem worthy and responsible. You can choose someone from inside your family circle, but you may want to select someone based on their attributes. You are also not limited to one person. What happens if there is more than one executor of your will?
They say that two heads are better than one, and this can be the case with executors. It’s a huge responsibility, and having co-executors allows both parties to share some of the burdens. One executor may have strong communication skills, so they can assure your family that your estate is being handled with integrity. The other party may have financial expertise, so they can swiftly navigate the financial intricacies of estate planning.
While a cooperative team can be extremely beneficial, this is not always how things play out in practice. Executors of a will may not see eye to eye on certain aspects, which can cause hold-ups, as important decisions about your will need to be unanimous. One of the biggest problems is that both executors have to sign off on each step of the process. If one tends to be disorganized or argumentative, that can become a problem.
Disputes between executors can result in probate litigation. Ultimately, this means that matters will be left in the hands of the court, and there may be a lengthy delay in your beneficiaries receiving their inheritance. The court’s ruling also might not fall exactly in line with what you had desired.
As you make plans for the future, be sure to weigh up the pros and cons of having more than one executor. Having sound legal guidance will also help ensure you make the right decisions for your family.