On September 30th, fellow contributor Stephen Frye, commented on the work involved in administering more complex estates and suggested it can be a good idea to appoint more than one executor and “spread the responsibility around”.
The responsibility, not to mention potential for personal liability, involved in administering an estate can indeed be great. As such, testators should give serious thought to the appointment of an appropriate executor or executors.
Appointing co-executors is often ideal. Another often overlooked option is to appoint a corporate or professional executor as sole or co-executor. A corporate executor can draw on a wealth of in-house legal, tax and accounting expertise and may also be the best choice where family or beneficiary “issues” are anticipated and the involvement of a neutral third party would be welcomed.