In his latest video from YourLifeChoices Retirement Bootcamp Q&A, Rod Cunich explains when it may be beneficial to have more than one executor for your will.
For more than 33 years Rod Cunich has been helping clients plan for their future by finding practical solutions to legal matters. When it comes to succession planning, business, corporate and commercial law and practice, he is a leader in his field.
Rod is a good listener and takes the time to know his clients on a personal level, earn their trust and work with them to achieve positive outcomes. It is through careful planning that he is able to effectively help clients attain a level of certainty and minimise risks. He holds social justice close to his heart.
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The question is, “Is it wise to have one or more executors of an estate?”
It depends who it is. If you’ve got a professional person – accountant, lawyer or a third party – someone who’s not a beneficiary who is the executor, then having one person is fine and it might be that you have to have succession of people in case they get too old or they die.
A lot of people put their kids in. If the kids get on very well and they’re all sensible – have them all.
If you’ve got three kids and you choose one then unless, coming back to my conversation earlier, they all agree and know about it, all you are doing is setting them up for blue.
So, it’s a really hard question, there are a number of lawyers I know who always recommend, “Never put your kids in”, others will say, as I do, “What are the kids like? How do they get on?”
It’s no use having two who live here in Australia and one in America or somewhere else because they won’t be able to actually participate.
So you have to look at who is available and it can be one of the hardest decisions to make.
The information in this article and video should be considered general in nature and legal advice should be sought. Rod can be contacted via his site www.rodcunichlawyer.com, where you can learn much more, and also buy a copy of his book.