All too often, insufficient thought is given to the appointment of executors.
Parents often think it fairer to appoint all or a number of their children as joint executors of their Will without considering whether that will cause more problems than it solves, particularly when there has been a history of disagreements between the chosen children.
All decisions of joint executors have to be unanimous (unless the will provides otherwise), so it is essential that all executors will be prudent, cooperative and businesslike in their approach.
The executor has a duty to put the interests of the estate ahead of any self interest at all times. If you think a potential executor may not be able to do that, that person is probably not the right choice.
The role of executor is important and is not a decision to be made without careful consideration.
Key questions to keep in mind:
- Are the chosen people willing to take on the responsibility of being executor? You should ask them before appointing them.
- Are they capable of managing the affairs of the estate and working well with the other executors?
- Will they have sufficient time to undertake the role?
If you would like to discuss this matter further or require some assistance, contact a member of our Estate Planning Team.