Choosing the right person to serve in the all-important role of estate executor is one of the more important decisions you have to make when you create a last will and testament in Florida. Also known as a personal representative, your executor has to be able to perform several duties at once. Not only will the executor have to look after the estate property you leave behind, but he or she will also have to manage the probate process.
Needless to say, choosing a responsible, detail-oriented person is the best way to be sure that your estate will be managed effectively. But what about choosing more than one executor? Is this ever a good idea? Why or why not?
Let’s take a look at what you need to think about when deciding between single or co-executors in Port St Lucie Florida.
Inheritances, Estate Management, and Fairness
The issue of co-executors most often arises when parents are deciding which of their children they should choose to serve as the personal representative. When making this decision, parents often want to appear fair. They don’t want, for example, to give the impression that they prefer one child more than another.
Though this desire is understandable, it is often at odds with the need to appoint the best possible executor, and to make for a smooth estate settlement process. In the majority of situations, a single executor is the better choice.
In other words, if you are choosing co-executors because you want to appear fair and unbiased, you are doing it for the wrong reason.
Problems with Co-Executors in Port St Lucie Florida
The primary reason not to choose co-executors is that by doing so you make the estate settlement process unnecessarily more complicated, time-consuming, and costly.
When two or more people manage an estate, they will have shared management responsibilities. They will have to coordinate when making decisions, sign documents together, and come to an agreement about the decisions facing the estate.
Even if everything goes smoothly and there are no disagreements, selecting co-representatives is usually an unnecessary hurdle. Further, in the worst situation, the co-executors cannot agree on anything and end up fighting a lengthy, and costly, court battle.
Benefits of Co-Executors
On the other hand, some estates can benefit from having two or more executors. For some people, the person you want to serve as your executor is the person you trust the most. Unfortunately, that person is not always the best suited to manage an estate. In some situations you might want to choose co-executors because the person you trust the most needs help.
However, determining the best choice of executor is not something that’s always easy to do. You should always seek legal advice when making any important legal decision. You can also learn a lot more about wills and executors at one of our upcoming free estate planning seminars.