The decision to name an executor for your estate may prove harder than you had imagined, perhaps because you have multiple children who may want the position. It may seem simple to name them as co-executors, but this is an option to take with great care.
Co-executors can work out for an estate, but they have their share of pitfalls. Here is a look at how co-executors could work to the benefit or detriment of your estate plans.
The positives of co-executors
Ideally, naming multiple executors would eliminate a contest over who would run your estate. Also, you might have a co-executor who is more adept at handling finances or legal matters. This could lighten the burden on the other co-executors since they do not have to tackle tasks that might be too difficult for them.
The negatives of co-executors
Your co-executors may have no problems if they can work together and resolve disagreements without acrimony. However, if conflict breaks out, probate could take longer. Your executors may even litigate each other.
Even if your co-executors want to get along, the presence of multiple executors can still slow probate. All of your executors must sign off on actions and arrive at decisions together. This can lead to a less efficient process regardless.
Alternatives to co-executors
If you want to establish protections for your estate, co-executors are not the only option. If you fear you will outlive your executor, you could name an alternate executor to step in. Discussing your estate plans with your family may help them to understand your decisions and defuse conflict if you appoint a single executor.
Consider all available options as several may exist to help you craft the most suitable estate plan for your assets.