HNW Estates: Be Cautious When Naming Children as Joint Executors

If you have children and are planning your estate, you’ve likely considered appointing one of them as your estate executor (“liquidator” or “estate administrator”*). Because you are able to name more than one person to serve in this role, some parents choose multiple children to act as joint executors. The reasons are many: a desire to treat children fairly, to avoid the appearance of favouritism or to share the responsibilities and workload among them. While the intention may be positive, appointing more than one executor can sometimes create more challenges than it resolves.

For many high-net-worth (HNW) estates, these decisions carry additional complexity. Larger and more sophisticated estates often involve multiple asset classes, corporate structures, tax exposure or cross-border considerations. In that context, even well-intentioned executor arrangements can become significantly more difficult to manage. Here are three reasons to exercise particular caution:

1. Joint decision-making can slow estate administration. Executors generally must act together.¹ When multiple executors are appointed jointly, they typically share equal legal authority and responsibility for administering the estate. In most cases, no single executor can act independently. As a result, decisions must be made collectively, which can slow administration while agreement is reached. For HNW estates, this dynamic is heightened by structural complexity, as decisions involving private companies, investment portfolios, trusts or real estate holdings may require careful consideration and consensus.

2. Higher-value assets may increase the likelihood and stakes of disagreement. Reaching consensus within any group can be difficult, and matters involving money or emotion often intensify those challenges. Even siblings who get along well may have differing perspectives on valuation, liquidity events, business succession or the treatment of sentimental assets. In HNW estates, these disagreements can carry materially higher consequences. Delays or disputes can affect asset values, tax outcomes or the orderly management of complex holdings. Conflicts between co-executors may also lead to prolonged tension or resentment, creating the very family strain you intended to avoid by appointing multiple executors.

3. Administrative and logistical complexity scales with estate size. Coordinating joint action is already challenging in practical terms, particularly given existing obligations such as careers and parenting responsibilities. Co-executors are typically required to act together in performing their duties, including signing estate documents and meeting with legal or financial professionals. In many HNW estates, this is further amplified by the need to coordinate with lawyers, accountants, trustees, financial advisors or corporate directors. Where executors live in different jurisdictions or assets span multiple regions, coordination challenges may further increase.

Structuring Alternatives for HNW Estates

Instead of naming co-executors, many families benefit from structured approaches. One child may serve as the primary executor, and others can be named as alternates, with the choice based on objective considerations such as financial literacy, proximity and experience with complex assets. For larger or more complex estates, a professional or corporate executor is frequently considered. This can provide neutrality, continuity and technical expertise in managing complex assets, while reducing emotional pressure on family members during an already difficult time. In some cases, a hybrid structure combining a professional executor with family oversight can balance objectivity with family perspective.

Whatever structure you choose, communication becomes more important as estate complexity increases. HNW estates can carry more moving parts, stakeholders and opportunities for misunderstanding. Discussing your intentions with your children while you are still living can help align expectations, reduce uncertainty and support family harmony into the future.

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<sup>*The names vary by province. This article uses the generic term “executor.”
1. This may not apply in the case where the will provides dispute resolution mechanisms.</sup>

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