Your executor plays an integral part in your estate plan, as they will carry out all the wishes you lay down. But your chosen party may not assume their duties – you may need to choose another person later.
When should you change your executor?
Your executor plays an integral part in your estate plan, as they will carry out all the wishes you lay down. But your chosen party may not assume their duties – you may need to choose another person later.
Here are four reasons that may lead to such a change:
They no longer want the role
Your executor may accept the role but change their mind in the future. They may have a conflict of interest or get other responsibilities that affect their ability to serve. If this happens, you should respect their decision and choose another person.
Illness or incapacity
An executor should have the capacity to make legal decisions. If your chosen party becomes ill or incapacitated, they may not understand the significance of the actions when the time comes.
Change in relationships
If your relationship with the executor changes, it may be time to name another party. For example, if your spouse is your executor and you go through a divorce, or you have a fall out with your named party.
Inadequate skills
If you find a person you believe is better equipped to serve as an executor, you may change your appointment. This may be necessary if your current executor has not gained the needed knowledge even after providing them with the resources to do so.
So, how do you change an executor?
You can change an executor by writing a new will or using a codicil (a separate legal document that includes the particular change). A codicil may be the most suitable option but if you want to make other updates besides changing your executor, writing a new will may be necessary.
You should get legal help when changing your executor to make informed decisions.