A very common question that I receive from many Tennessee families every single day is Who should be the Executor of my Will?Many families want to select their spouse as the executor, and that is the easy question to answer. However, many families are concerned regarding who should be their back-up executor after both mom and dad have passed away. There are many families that I speak with that are concerned that they will offend one of their children if they do not name all three of their children as co-executors. In addition, many families have concerns, due to an adult child’s history, that he or she cannot be trusted as executor and want to make sure that this child cannot reach into their estate after they have both passed away.
As you can see, Tennessee families have a struggle when it comes to who to select to be their executor. There is no right or wrong answer, and it depends on each family’s unique estate planning concerns. However, listed below are guidelines when it comes to naming an executor:
- It should be someone that you trust to carry out your wishes when you are gone.
- Naming three adult children as co-executors can lead to disaster. Two people, let alone three people, are rarely going to agree on anything. Listing your three adult children as co-executors can lead to disagreements where no decisions are able to be easily made when it comes to settling your estate.
- If you have a concern about an adult child interfering, do not name that child as an executor nor a back-up executor.
- If you have a high level of concern about an adult child interfering with the settlement of your estate, you should create a trust and appoint a third-party trustee such as a Trust Company to settle your estate and manage the affairs after you are gone.
If you have questions about estate planning in Tennessee or how you can set up your legal affairs so that your assets are protected and you provide a smooth transition to your loved ones, then I encourage you to attend one of our live free educational events scheduled this month. At these events you will hear a lot of real life stories about families that paid thousands of dollars in unnecessary expenses, families that were able to avoid unnecessary expenses, and families that enjoyed zero government intrusion into their families’ private lives.
I look forward to speaking with you at one of our upcoming live educational events!