When someone passes away and has a will, one of the first questions to be asked is, “Who is the executor?”
While being named executor can be looked upon as an honor, knowing that the deceased saw you as an intelligent and capable human being with the ability to oversee their final wishes, the actual role of the executor can be difficult.
What does an executor do? In simple terms, the executor is responsible for paying final debts such as taxes, bills and administration expenses for the deceased, and distributing any remaining assets to family members and/or beneficiaries listed in the will.
But if the process can be complicated, wouldn’t it be a good idea to name two or more executors to handle those tasks? Not necessarily.
While having someone else to lean on, especially when dealing with the emotional pain of loss, is often a good thing, it can greatly complicate the role of the executor if he or she does not see eye-to-eye with their counterpart. Here’s why:
- Multiple voices can disrupt and delay the timing of important decisions.
- A cumbersome decision-making process can lead to legal disputes which can create family tension.
- Having more than one executor also means that every executor needs to sign off on all decisions. This, of course, can spell trouble if one lives far away or if there are disagreements. Delays can result in missing important deadlines and causing additional problems for families.
When trying to decide who should be an executor of an estate, here are some general rules of thumb:
- Who is good with money?
- Who has a knack for making informed, quick decisions?
- Who will show fairness to all family members while keeping the best interests of the entire family in mind?
Is having more than one executor really necessary? For some families, it is a wonderful opportunity for two people to draw closer together as they close down the life of a loved one. But in many cases, multiple executors can create stalemates in decision making or just simply slow down the process unnecessarily due to differing priorities. Each individual or couple needs to weigh the choices carefully and make a decision based on their analysis of the facts and a realistic view on the situation as it stands. It never makes sense to chose to have joint executors in the hope it will bring people together. If you are unable to decide if single or joint makes sense, keep it simple and pick just one person to do this for you.
