Tags
Appointing Multiple Executors, Closing the Estate, Co-Executor, Common Estate, Common Estates, Complex Common Estate, estate, Estate Administration, Estate Business, Estate Planning, Executor, Out-of-State Executor, Planning, probate, Probate Court, probate process, Spouse, Surviving Spouse, Tax Professional, Taxes, Unintended Consequences
In common estates, appointing multiple executors happens regularly. There are many reasons for this occurrence such as sparing feelings of family or lack of confidence in the surviving spouse. Regardless of the reason, using multiple executors can be beneficial to an estate or disastrous to an estate. There are valid reasons to use multiple executors for a common estate, but not many. Unfortunately, those planning their estates tend to overlook essential factors in selecting executors. As a result, they appoint executors for the wrong reasons causing unintended consequences for the estate. So, before appointing multiple executors, those planning their estates must consider the essential factors in selecting executors.
While planning your estate, common sense is necessary to select a good strategy. In common estates, there are many options in selecting a strategy designed to execute your estate plan. Since forming a strategy involves many decisions, you need to use common sense to make good decisions. Otherwise, problems may result for your beneficiaries and your executor. In essence, common sense leading to good decision making is the formula for a sound estate plan.
Although avoiding probate is preferable in common estates, there is still a need to list beneficiaries in your will. As mentioned in the article 
