Should I name my children as Co-Executors of my estate?
This is a question I get all the time. Parents are often concerned about who they should name as Executor of their estate, and whether or not one child’s feelings would get hurt if he or she was not named as Executor.
There is no hard and fast rule to whether or not children should be named as Co-Executors. It’s important to keep in mind, though, that Co-Executors work TOGETHER. It’s not an either/or situation. They both have to sign off on all matters relating to the estate. If your children do not work well together, do not name them as Executors expecting that this experience will draw them closer – it will not. If you have a large number of children, and you name them all as Co-Executors, you are creating a logistical nightmare.
It’s best to choose a person who is trustworthy, level-headed, and detail-oriented to serve as your Executor. If you have more than one child who meets this description, and you feel that they would work well together and benefit from having more than one Executor, naming Co-Executors is not a bad idea. If you have a large number of children and/or children who do not get along well, naming them as Co-Executors is not a good idea.
After you decide who you want to serve as Executor, it’s best to ask him/her if they are willing while you are alive. Once that decision has been made, you should consider letting your other children know as well, and let them know why they were not chosen. This can help to avoid hard feelings after your death – you probably know families who have been torn apart after a death because of hard feelings or a simple misunderstanding.
If you have any questions about who you should name as Executor, call me, Sarah White, at 678-453-6490. I work extensively with families on these issues, and I can help you sort through your situation.