The executor of a will fulfills an important role that includes settling the estate, tracking down beneficiaries, paying outstanding taxes and dispersing assets. Because of this, you want a solid, trustworthy and responsible person willing to accept this often-thankless role.
While updating your will, you decide to make a few changes, including naming a new executor. There are a few reasons to do this. Perhaps your original choice no longer can perform the duties or maybe you had a falling out. But remember, this is your decision, and you want to feel comfortable with it.
A divorce and falling out
Here are some of the important reasons to name a new executor for your will:
- Original executor dies or becomes too ill: The death of an executor necessitates naming a new one, so does if the person become gravely or mentally ill or disabled and cannot fulfill the duties.
- Original choice no longer wants the job: Perhaps the originally executor decides to bow out, feeling too much pressure from the responsibilities.
- A divorce: In many situations, a spouse is chosen as the executor. How comfortable would you feel if your former spouse serves in this critical role, knowing all your financial dealings while distributing assets? This may make for an uncomfortable experience for everyone involved.
- A better candidate emerges: You find someone else better suited for this time-consuming role.
- A falling out with the executor: People change. Maybe your relationship with the executor took a sour turn. You want to avoid any discomfort.
You have your reasons to make this change. The trust and comfort levels must be there, and so should the person’s availability as an executor.
The bottom line is that you want the right person in this important estate administration role. You are in charge, and you make the decision as to whether you want to replace an executor. You want everyone to feel comfortable and do not unnecessarily want to add stress.