Choosing an executor for your estate is a major part of the estate planning process. An executor has many responsibilities, such as identifying and valuing assets, paying debts and distributing assets to heirs.
An executor should be someone you trust with these tasks. Connecticut law allows co-executors to be appointed if you are having trouble choosing one executor. This situation often arises when parents want to appoint all their children as co-executors.
Parents sometimes choose to appoint their children as co-executors to avoid family conflicts or disputes over who was chosen. However, there are some drawbacks to appointing your children as co-executors that you should know.
Decisions cannot be made about an estate unless all co-executors agree
If your children do not get along or there is any history of conflict between them, making them co-executors of your estate could be a recipe for disaster.
When co-executors do not agree, the estate administration process cannot move forward. Many times, this means everything grinds to a halt until a court gets involved and decides the issue.
Children may disagree on various aspects of the estate administration process, from simple issues to complex. There might be disagreements on tasks as simple as closing bank accounts and paying fees or complicated tasks such as selling a home.
This costs everyone involved extra time and money. Additionally, it only increases the length of time it takes for heirs and beneficiaries to receive their inheritance under the estate plan.
The chance for conflict increases
You should carefully consider whether appointing your children as co-executors is a good idea even if they get along or have a close relationship. As the estate administration process moves along, disputes can crop up if one child feels their opinion is not being considered or the split of assets is unfair.
Appointing your children as co-executors can work out just fine. But if you anticipate any conflict about your estate, it could be better to appoint a neutral party who has no personal interest in the process.