Is It Better to Choose One, Two, or More Executors?

Note: The following article is part of our Complimentary Articles Series, designed to provide additional insights and detailed information on specific topics within estate planning.

Alongside this article, we suggest exploring our pillar articles for a comprehensive understanding of general estate planning issues.

• When Should I Consider an Estate Plan?
• What's Included in an Estate Plan?
• Why is it Important to Write a Will?
• What Are the Benefits of an Estate Plan?
• How Often Should I Update My Estate Plan?

INTRODUCTION

The number of Executors you choose for your Estate is a decision that needs to be carefully weighed, taking into account your unique circumstances, the size and complexity of your Estate, and your relationships with the people you appoint.

There is no one-size-fits-all approach when it comes to choosing the number of Executors. On the one hand, having more than one Executor provides seamlessness, continuity, and shared responsibilities.

On the other hand, inserting more than one Executor may add complexity to the decision-making and communication, especially when Estates are not that large. Either way, it's best to carefully weigh several factors in order to find a workable solution that's best for you and your loved ones.

This article covers the various factors to consider when determining the number of Executors to administer and distribute your Estate after you've passed away.

FIRST, GET CLEAR ABOUT THE FUNCTION OF THE EXECUTOR

In estate planning, Executors have one of the most critical functions since they'll be responsible for managing your Estate, communicating with the Beneficiaries, paying any outstanding taxes and debts, and distributing the remaining Estate in accordance with the deceased individual's (the Testator) instructions, as laid out in the Will.

Since this role carries several fiduciary responsibilities, you must choose the right individual to ensure your instructions are carried out effectively.

The following factors might be helpful when choosing the right Executor(s):

• Interactions: If you're thinking about multiple Executors, consider how they will likely interact with your Beneficiaries. To manage the Estate effectively, conflict-free, transparent, harmonious communication between Executors must be maintained. Any confusion or disagreement is likely to slow down the estate administration phase.

• Objectivity, Judiciousness, and Integrity: Try to select individuals "with good standing" who fully understand their fiduciary duties, can make decisions with impartiality, and can act in line with your wishes.

• Alternate Executor: Should you choose just one Executor, you can always appoint an Alternate Executor. If your first choice becomes unable to serve (i.e., lack of mental capacity, accident, death, resignation), your Alternate Executor can step in quickly. Inserting this level of strategic foresight guarantees your Estate can be run efficiently at all times.

IF IN DOUBT, SQUIGGLE IS HAPPY TO STEP IN

If you are not comfortable with your Executor choice or you prefer to have more than one Executor but can't find anyone suitable for the role, you can always choose Squiggle as an impartial Executor.

Given our experience with other clients, we can tailor the Executor role to fit your specific needs. Choosing Squiggle as your professional Executor ensures impartiality and significantly reduces the likelihood of family disputes. In addition, our expertise ensures your Estate is managed efficiently, easing the bureaucratic load on your family during their time of grief.

REVIEW YOUR WILL PERIODICALLY

Life is full of change, and you may wish to change Executor(s) at some point. Their motivations or circumstances may change, or you may find somebody more appropriate.

Whatever the case, treat your Will as a living document that requires constant review, especially after significant life events such as marriage, divorce, the birth of children, or the death of a Beneficiary.

Need to know more?

If you wish to discuss an aspect of your Will or are interested in working with Squiggle as an independent Executor, you're welcome to contact us for a free initial no-obligation call to discuss your options.

Book a callback, and we'd be happy to arrange a no-cost, no-obligation discussion with you to lay out the options available.

Alternatively, call us on 01233 659 796.

Or reach out to us here.