You became a parent, and such a joyful event also signifies it is time to update your estate plan. Previously, you had a will in place, and you understand that you need to make some changes to this legal document. In updating your will, you plan revisions across the board. One of those revisions is changing the executor of your will.
Why would anyone want to do so? With a safe and trusted choice already, some people assume that they are set for the rest of their lives. However, plenty of reasons exist in making this change regarding one of the most important aspects of your estate plan. An executor has many thankless responsibilities, and you want to ensure that a trusted and knowledgeable person remains in that role.
Death, divorce and falling out
Ideally, an executor must have a lot of energy, patience and is trustworthy and tactful. He or she also must deal with different types of people with different personalities, namely the beneficiaries. An executor also works with creditors, government agencies and investment companies to clear up outstanding bills, inform agencies that someone has died and distribute financial investments, respectively.
Here are some of the reasons to change an executor:
- Your originally selected executor died or suffers from a serious illness, preventing him or her from fulfilling the necessary duties.
- Someone else would be a better choice. For example, a parent was your original executor when you created your will years ago. Now, that parent has aged and may longer have the energy or even mental capacity to serve in this role.
- Your spouse was named as the executor, but you are now divorced.
- Your original executor approached you letting you know that he or she no longer feels comfortable in the role.
- You no longer share the same values with your original choice. Perhaps you even had a falling out.
Selecting an executor is a crucial aspect of estate planning and creating a will. When making your choice, thoroughly think it through and discuss the situation with potential candidates.