When planning for the distribution of your assets after your passing, it is important to consider who will execute your will. In many cases, people choose a single executor to manage their affairs.
However, there are situations where having multiple executors can be a wise decision. Preparing for probate is a necessary part of estate planning, so it is best to explore the benefits and potential drawbacks of having multiple executors for your will.
The role of an executor
An executor is the person responsible for carrying out your wishes as outlined in your will. They ensure the distribution of assets to your beneficiaries, the settlement of debts and the management of your affairs.
Benefits of multiple executors
One significant advantage of having multiple executors is the sharing of responsibility. Managing the tasks involved in executing a will can be demanding, and having more than one person can ease the burden.
Different executors may also possess diverse skill sets that can be beneficial. For example, one executor might be financially savvy while another is excellent at handling administrative tasks.
Considerations when choosing multiple executors
While there are advantages to having multiple executors, there are also some important considerations to keep in mind:
- Conflict Potential
- The need for coordination
- Complexity in probate
Ultimately, the choice of whether to have multiple executors for your will depends on your unique circumstances. Consider the complexity of your estate, the personalities and abilities of the individuals you have in mind and your desire for added oversight.
Studies show that upwards of 68% of Americans do not have a will. Of those who do have a will, many might overlook the importance of naming an executor, let alone the possibility of naming multiple executors. Taking a thoughtful approach to your estate plan can help smooth over the probate process when you are gone.