Choosing an executor, which is the person who will oversee your estate, is a big decision. Many people choose to have more than one. As the saying goes, “two heads are better than one.” But is that true? Our attorney in Raleigh NC is here to take a look at what having two executors means.
Co-Executors | Attorney in Raleigh NC
An executor is the person you name in your will to take care of your estate when you die. He or she will carry out your wishes in accordance with your will. When there is no will, or someone was not designated, the court appoints someone to take care of these duties.
When two executors, or co-executors, are named, they will act together in order to carry out the duties. They will have to have the will probated, make decisions regarding the estate, transfer assets, pay debts and taxes, and see that the remainder is distributed to the named heirs.
Because they must work together, it can cause delays in the process. If the co-executors live in other cities or states, it can become an inconvenience to work together to complete the required tasks. Not only are they making decisions together, but they will have to file papers and sign documents together. They are also both responsible for any losses to the estate due to error on their part.
To learn more about the reasons why you may choose to have two executors versus one, visit back with our next blog post!
Eldreth Law Firm, PC | Attorney in Raleigh NC
When planning your estate, you may want to consider which assets are subject to probate and which are not so that you can make the best decisions in how you designate heirs. If you need additional help, reach out to our attorney in Raleigh NC to ensure that you are creating the best plan for your situation.
As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact us to schedule a consultation if you have yet to start estate planning. It's never too early to make plans for your wishes upon death. In addition, our lawyer is here to help you with all your legal matters, whether it be entertainment law, trademarking, copyrighting, or DWI issues.