An “executor” is the term used for someone who will take control of the distribution of a person’s estate once they die. Choosing someone for this role is one of the most essential tasks when making your estate plan.
Most people choose just one executor, (perhaps with a backup in line in case they cannot do it). However, some people choose two or more people to work together as co-executors. Why might they do this, and should you do it?
Advantages of co-executors
There are several advantages to appointing joint executors. First, you can benefit from a wider range of experience and talents, which could be particularly useful if your estate is complex.
Second, it can reduce the workload on any one person, so it could result in probate being completed sooner. Executing an estate can take a considerable amount of time and effort, and it could be more than one person has time for.
Third, it can add security. While two or more executors could potentially work together to steal from the estate, it is less likely to happen than if one person has full control. Even if both are honest, having someone to consult with over decisions and catch mistakes can be beneficial.
Disadvantages of co-executors
Co-executors need to work together, and not everyone is good at that. Even if people generally work well with others, a personality clash could make everything much more difficult and delay the whole process. Differences in availability could also cause delays if they struggle to find the time to meet to discuss things or co-sign documents.
There is a lot to consider when making your first estate plan. Getting legal guidance to learn more is wise.