On behalf of Chandler and Brown, Ltd. posted in estate planning on Thursday, October 12, 2017.
Parents in Saint Paul are often very conscientious about treating all their children equally. This is especially true when it comes to estate planning. For example, they may draft their wills in a way that divides their estate equally between all their children. However, there are certain aspects in which treating their children equally could cause problems.
For example, when a person drafts a will, they will need to appoint someone as executor of the will. Parents may want to have all their children named as executor in an effort to be fair. However, there are some points parents should consider before naming multiple executors.
First of all, it is possible to name more than one child as executor of your estate. If all children qualify for such a role, the court can assign it to all of them. However, having multiple executors can make the process of administrating the will more complicated. This is because all of the executors must be involved in administering the will.
For example, they all need to sign paperwork that will be filed with the court, as well as any other contracts or documents associated with the liquidation of assets. While this isn’t impossible, it does take time especially if a child lives far away from the area in which their parent’s estate is going through probate.
So, while parents can draft their will in a way that makes all their children executors, they should keep in mind that doing so can complicate the estate administration process. Before deciding who to name as executor of their estate, parents may want to contact an estate planning attorney who can help them make sound decisions.