Your executor plays an integral part in your estate plan – they will ensure your wishes are fulfilled once you’re gone. However, things happen and you may eventually need to name a new executor.
Here are several circumstances that may call for this:
Unwillingness to serve
Willingness is a crucial quality in an executor – they should want the responsibility. Your executor may accept the appointment but change their mind later due to different reasons. In such an instance, you will choose someone who wants the role.
Incapacitation or death
If your executor becomes incapacitated to the point they can’t serve as required or die, you will choose another party.
Changes in the relationship
If your relationship with your executor changes negatively, it will be best to appoint another person. For instance, if your spouse is your executor, you may need to name another party if you go through a divorce.
They moved far away
It helps to have a close relationship with your executor. You need to update them about vital matters concerning the estate plan, such as changes you make to your will and the location of your documents. An executor who lives in another state may be hard to contact, and they may have trouble handling your estate.
They won’t take help
Being an executor is a big job. It’s essential to connect them with specialists, including your financial advisor, appraiser and tax specialist, to help them gain the needed knowledge to act competently when the will goes to probate. If your executor doesn’t want anybody’s help, that could do your heirs a disservice.
If you think you may need to change your will to name a new executor, it may be time to get experienced legal guidance.
