Bank as co-executor -- pros and cons?
It is time for me and my husband to do some estate planning, including getting a will and maybe a revocable trust. We don't have children, and will have to ask another family member to be an executor. My father in law has become executor for two estates this year, and it has been a terrible burden. I also spent time reading descriptions of other people's painful executor experiences on these boards.
One of our local banks does estate planning, and can be named executor. I'm wondering if it would be a good idea to name the bank as a co-executor for the purpose of relieving family of some of the work and burden. I think the bank charges 3% of the estate. I think it would be well worth it to our family not to have to deal with everything themselves.
Are there potential pitfalls? One tip I picked up from this board is to be sure there's a clause that would allow the family to dismiss the institutional executor if needed.