Executors - is three too many?

Question

I am thinking of naming all three of my grown kids to by my executors and also in charge of the power of attorney. Will the fact that there are three of them cause a problem. Do they all have to agree, or be present in the country in order to facilitate the process of making decisions on my behalf? What would be the "cons" in this decision?

Answer 1

The cons are as follows:

If one executor does all the work and the others wish to share in the benefit, there could be a dispute.

If there is a disagreement between the executors it can slow or stop the processing of your estate and complicate efforts to resolve it.

A better way would be to name one executor (someone in the same region as your assets who is organized and trustworthy), then name the others as alternate executors.

If you have assets in two or more jurisdictions, it may work well to have more than one executor. You could have an executor for your assets in each region.

Answer 2

I'd think that yes they'd all have to agree on everything. Yourbest bet isto appoint each to do different things, like one forexecutor, one for powerofattorney, and oneto take charge of your health care needs if you are ever incapacitated.