Currently, 56% of Americans do not have a will or estate planning document. Those that do typically designate one primary person to carry out our will and ensure our assets are distributed as we wish after we die, but sometimes your situation may be best suited to having a co-executor.
Below, I’ll explain the advantages and disadvantages of naming co-executors and help you determine whether it’s the right decision for your estate plan.
Why Choosing the Right Executor(s) Matters
Choosing your your executor is vital as they are responsible for administering your estate. This individual is in charge of seeing that your final wishes are carried out and that your estate assets are distributed in accordance with your will.
An executor is typically responsible for:
- Locating the original will
- Gathering and protecting estate assets
- Notifying beneficiaries and creditors
- Opening an estate bank account
- Paying outstanding debts and taxes
- Filing necessary tax returns
- Selling property when necessary
- Distributing inheritances
- Closing the estate with the probate court
I’ve seen firsthand how devastating it can be when someone’s will falls into the hands of an incompetent executor. It does not end well.
Because these responsibilities can be time-consuming and legally significant, it’s important to choose someone who is organized, responsible, and capable of handling financial and legal matters. It’s also critical to find the right estate planning attorney to aid you through the complexity of wills.
| Single Executor | Co-Executors |
|---|---|
| Faster decision-making | Shared responsibilities |
| Simpler probate administration | Built-in oversight and accountability |
| One signature on documents | Multiple signatures may be required |
| Lower chance of disagreements | May reduce burden on one individual |
| Best for straightforward estates | Often beneficial for more complex estates |
The Pros of Designating Co-Executors
There are some excellent reasons to consider naming co-executors in a will, and you might have a circumstance calling for one. Here are some scenarios where having a co-executor might be beneficial.
1. They Can Share the Workload
Administering an estate often requires significant time and effort. If your estate includes multiple bank accounts, investment portfolios, real estate, or numerous beneficiaries, dividing responsibilities between two trusted individuals may make the process more manageable.
For example, one co-executor may handle financial matters while the other focuses on communicating with beneficiaries or coordinating the sale of property.
2. Different Skill Sets Can Benefit Complex Estates
Sometimes one person simply doesn’t possess all the skills needed to administer an estate efficiently.
For example:
- A business owner may appoint a business partner alongside a family member.
- A financially knowledgeable child may serve with a sibling who knows the family’s personal wishes.
- A surviving spouse may work alongside an adult child who has experience managing finances.
Combining different strengths can help ensure important decisions are made carefully and efficiently.
3. A Surviving Spouse May Appreciate Additional Support
Serving as executor while grieving the loss of a spouse can be emotionally overwhelming. I’ve spoken to many widows and widowers over the years that just do not have the mental and emotion capacity to handle their loss and all the details of the will.
If your spouse is elderly, has health concerns, or simply isn’t comfortable handling financial matters, appointing an adult child or another trusted individual as a co-executor can provide valuable assistance while still allowing your spouse to remain actively involved.
4. They Can Help Balance Family Dynamics
Some parents worry that naming one child as executor may unintentionally create resentment among siblings. This can certainly happen and it’s sad to watch a family fall apart due to greed and jealousy – which does happen.
In some families, appointing two adult children as co-executors demonstrates equal trust and responsibility. When siblings have a strong relationship and communicate well, this arrangement can work effectively.
5. Co-Executors May Be Helpful in Blended Families
Blended families often involve unique considerations. For example, a parent may appoint one child from a previous marriage and their current spouse as co-executors to help ensure everyone’s interests are represented throughout the estate administration process.
This can help alleviate any tensions that may arise and help pave a smooth path through the grief that everyone will experience.
The Cons of Designating Co-Executors
Naming co-executors of a will also comes with some disadvantages, and here are some reasons you should not consider naming a co-executor.
1. Co-Executors Must Do Everything Together
Co-executors must file all paperwork together, execute checks jointly, complete, sign, and file tax returns together, and close the estate together. These responsibilities may become burdensome and time-consuming if a co-executor is not available.
2. Co-Executors Must Agree on All Decisions, And That Doesn’t Always Happen
Even close family members can have disagreements, especially when it comes to assets. Co-executors must agree on all decisions and that does not always happen. When conflicts arise, these conflicting matters are brought before the probate court for settlement if the co-executors disagree on handling a particular part of the estate administration.
Estate litigation delays the distribution of the estate’s assets and may result in legal costs, ultimately reducing what the beneficiaries receive.
3. A Co-Executor Might Not Live Nearby
Although many tasks can now be completed electronically, some estate matters still require original signatures, in-person meetings, or appearances before financial institutions.
If your co-executors live in different cities, or different states, simple administrative tasks may take considerably longer.
4. Naming Co-Executors of a Will Could Cause Family Conflict
Ironically, naming two children to “keep things fair” can sometimes create more conflict than selecting one. Estate planning is an essential part of life and involves numerous decisions.
If siblings already have strained relationships or different opinions regarding finances, every decision could become a point of disagreement.
In those situations, appointing one executor and naming the other as a successor executor may be the better solution.
Questions to Ask Before Naming Co-Executors
Before deciding if you should choose co-executors, you need ask yourself these questions:
- Do these individuals communicate well?
- Do they genuinely trust one another?
- Will they be able to make difficult decisions together?
- Do they have enough time to administer an estate?
- Does either person have financial or legal experience?
- Could one person realistically handle the responsibilities alone?
- Would naming one primary executor and one successor executor accomplish the same goal?
Your answers can help determine whether co-executors are likely to work well together.
When Co-Executors Often Make Sense
Appointing co-executors may be appropriate if:
- You own a closely held business.
- Your estate contains significant investments or multiple properties.
- One executor has financial expertise while another understands family dynamics.
- Your spouse would benefit from assistance.
- The proposed co-executors have an excellent working relationship.
When a Single Executor Is Usually Better
A single executor is often the better choice when:
- Your estate is relatively straightforward.
- One individual is clearly the most organized and financially responsible.
- Potential executors have a history of conflict.
- The proposed co-executors live far apart.
- Fast decision-making will be important.
| Situation | Often the Better Choice |
|---|---|
| One responsible adult child | Single executor |
| Family business | Co-executors |
| Elderly surviving spouse | Spouse + adult child |
| Large investment portfolio | Co-executors with complementary skills |
| High-conflict family | Single executor |
| Simple estate | Single executor |
Let an Experienced Estate Planning Attorney Help You Decide
Naming an executor is one of the most important decisions in your estate plan. While co-executors can provide shared expertise and support, they can also introduce delays and disagreements if the wrong people are chosen.
Every family is different, which is why executor selection should be based on your specific goals, family dynamics, and the complexity of your estate. It is not a one-size-fits-all approach.
The experienced estate planning attorneys at Path’s Law Firm can help you evaluate your options and create a personalized estate plan that protects your assets, minimizes family conflict, and ensures your wishes are carried out. Contact us today to schedule a consultation.
