The role of the executor is an important one. An executor is responsible for paying final debts, distributing the remaining assets to family members, making decisions to achieve these goals on behalf of the deceased and, in many cases, selling real estate and its contents.
With all those responsibilities, you might think it’s wise to appoint two executors and divide up the work equally. In most cases, you would be wrong.
Typically, experienced real estate agents would never recommend appointing more than one executor for a variety of reasons. Decisions can be easily short-circuited when two executors must agree on everything. Placing your trust in one person simplifies the process and makes it easier for all of the beneficiaries. It’s also important to remember that when real estate is involved in the liquidation process, every executor needs to sign off on all necessary paperwork. This can lead to time delays, especially when executors are in different geographic locations.
If close family members are involved, consider appointing one as executor and the other as a “back up.” This might go a long way to making a family member feel more included in the process.
Whatever your final wishes, do not neglect filing a will. Your loved ones will thank you for it!