Two Is A Crowd When It Comes To Personal Representatives Of An Estate

Diversifying your investments is one of the most fun parts of estate planning, especially since it does not require you to contemplate your mortality.  If you adopt the mindset that diversity equals abundance and apply it to writing your will, you might decide to designate two or more people as personal representatives of your estate, also known as executors of your will.  Even though this is a possibility under Florida law, it is not advisable to name more than one representative for your estate.  Even though you might do it with good intentions, naming more than one personal representative makes probate more complicated, which means that it will take longer for your estate to settle, and it may even cost more.  If you are worried that there is no one you trust enough to be the personal representative of your estate who can handle the job single-handedly, the best way to find a practical solution is to contact a Tampa estate planning lawyer.

The Road to Probate Disputes Is Paved With Good Intentions

When people designate more than one personal representative for their estate, they do it in the hope of preventing problems.  For example, the testator might name all of his children as personal representatives.  He might fear that, if he names only one child as personal representative, she will resent her siblings for sitting back and collecting their inheritance while she does all the work in probate court by herself.  He might also fear that the siblings who do not get to be personal representative will resent their sister who has more control over the probate process than they do.

The trouble is that, even if the personal representatives cooperate well during the probate process, every decision requires all of their signatures, and thus all of their approval.  The chances that the court will have to intervene are greater than they would be if there were only one personal representative.

How to Protect the Personal Representative of Your Estate From Being Alone With a Difficult Job

Another scenario with two personal representatives is where the testator wants his spouse to be the personal representative, but he knows that, given her age and health, she will probably need help with it; therefore, he also appoints the couple’s child.  A better solution would be to appoint the spouse as personal representative and the child as successor personal representative.  A successor personal representative is someone who will take on the role of personal representative if the original personal representative predeceases the testator.  You should name a successor personal representative in your will even if the original personal representative is young and healthy.  Remember, also, that the personal representative of an estate always has the right to hire a probate lawyer.

Contact David Toback About Family Togetherness Through Estate Planning

A Central Florida estate planning lawyer can help you make wise decisions about naming a personal representative for your estate.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

smartasset.com/estate-planning/co-executor