Once you decided it was finally time to stop putting off estate planning, you faced many considerations. For example, you had to determine what documents to include, how to address possible probate issues and whom to choose as an executor for your estate.
You probably thought carefully about your designated executor. Still, issues may arise that make your original choice a poor candidate. Fortunately, you can modify these and other estate planning decisions.
Why would you need to replace an executor?
As you probably understand, anything can happen to disrupt one’s carefully laid plans. Your original executor could suffer a life-changing illness or injury, for example, or die unexpectedly.
Other possible reasons:
- They move out of state or country.
- They take a new job requiring lots of travel.
- They suffer serious health problems.
- They decide they cannot handle the responsibility.
You may also simply discover another person with better qualifications than your first choice.
What is the process of changing an executor?
Generally, you can replace an estate executor in two ways. Add an amendment or codicil to your existing will or create a new one.
In most situations, creating a new will is not necessary unless you’re making numerous other changes to the document as well. Creating a codicil is simple if you have legal guidance. This can also help you determine which choice is preferable.
Any changes to your estate plan, like the original plan, need to comply with state law. That’s another reason why you shouldn’t try to do this without the assistance of an estate planning professional.