Should you Appoint Co-Executors?

Benefits and Risks

When preparing a Will, many people consider appointing more than one executor.

This often arises where parents have multiple children and wish to treat them equally, or where they would like one executor to assist another with the administration of the estate.

While appointing co-executors can be an effective estate planning strategy, it is not always the best choice.

Like many estate planning decisions, the answer depends upon your individual circumstances.

Potential Benefits

Appointing co-executors may offer several advantages.

Shared responsibility can reduce the burden of administering an estate, particularly where the estate is large or complex.

Co-executors may also bring different skills to the role. For example, one individual may have financial or business experience, while another has a close understanding of the family's personal circumstances.

Some individuals also feel that appointing more than one executor promotes transparency and accountability by ensuring that important decisions are made jointly.

Finally, where siblings enjoy a positive relationship, acting together as co-executors can reinforce the sense that each has an equal role in carrying out their parent's wishes.

Potential Risks

Despite these advantages, co-executors can also create practical challenges.

Generally speaking, co-executors are expected to act together when administering the estate. This means that important decisions often require agreement.

If the executors have a strained relationship or disagree about how the estate should be administered, delays may result.

Practical issues may also arise where co-executors live in different cities or countries, have conflicting schedules, or are simply unavailable when decisions need to be made.

In some cases, disagreements between co-executors can increase legal costs and may even require Court involvement before the estate can move forward.

Is It the Right Choice?

There is no rule that says every child should be appointed as an executor.

In some families, appointing a single executor may allow the estate to be administered more efficiently.

In others, appointing two or more executors may provide valuable checks and balances while sharing the responsibilities of the role.

The decision should be based on practical considerations rather than a desire to avoid hurt feelings.

When choosing an executor - or co-executors - it is often more important to ask whether the individuals can work together effectively than whether they will inherit equally under the Will.

Final Thoughts

An executor's role carries significant legal responsibilities.

Whether you appoint one executor or several, the most important consideration is selecting individuals who are trustworthy, organized, willing to act, and capable of working in the best interests of the estate and its beneficiaries.

A carefully considered appointment today can help ensure that your estate is administered efficiently and with as little conflict as possible.

If you are preparing a Will and would like advice regarding whether appointing co-executors is appropriate for your circumstances, Tonelli Estate Law would be pleased to assist - BOOK A FREE CONSULT TODAY.

This article is for general informational purposes only and does not constitute legal advice.