Part of drafting a will includes appointing an executor. This is the individual responsible for managing your estate after you pass away.
Serving as an executor comes with many significant duties. An executor is responsible for distributing assets to your designated heirs, paying off debts, filing a tax return and closing out your estate.
You should choose an executor who you believe can properly and effectively perform these duties. An executor should also be someone you trust to act ethically when making decisions and who is capable of handling conflict if it arises.
Yes, you can appoint co-executors
Considering the major duties involved, you may wonder if they can be shared. Ohio law allows you to appoint co-executors to manage your estate.
This is a common scenario when children are involved. You might want to name all your children as co-executors to avoid resentment by one child for selecting the other.
Although you can appoint co-executors, such as your children, this can sometimes do more harm than good. This is especially true if you have more than two children and want everyone to act as co-executors.
Co-executors must all act together and make all decisions unanimously. If co-executors do not agree on a decision, it simply does not get made. This can result in delays and conflict.
Additionally, all co-executors must sign certain paperwork, such as property deeds, tax returns and financial accounts. Getting everyone’s signatures could be difficult if they live far apart or are likely to disagree.
When appointing a co-executor makes sense
Many married couples appoint their spouse as their executor, but there is always a chance the executor spouse will pass away first or if they are elderly that they will be unable to handle the probate process alone.
Choosing a co-executor, such as another family member or trusted friend, can be a good idea in this situation.
Choosing an executor is an important decision that requires careful consideration. Talking through your situation can help you decide if appointing a co-executor is necessary.