If you are wondering how to change the executor of a will after the fact, KAKE.com’s recent article entitled “How to Change the Executor of a Will” says that the process is pretty simple. Even so, you should work with an experienced estate planning attorney to make certain that it is completed correctly, and it’s legal.
The executor of a will is the individual you name to be responsible for carrying out the terms of your will. By designating an executor, you’re giving him or her the authority to handle certain tasks related to the distribution of your estate. Typically, you can name anyone as executor. However, minors aren’t allowed to serve as executors, and some states don’t let convicted felons do the job either.
It’s okay to name a beneficiary of your will as executor. An executor must undertake certain tasks, such as the following:
- Getting death certificates
- Starting the probate process
- Making an inventory of the decedent’s assets
- Notifying the decedent’s creditors of his or her death
- Paying any outstanding debts and closing bank accounts; and
- Distributing assets to the beneficiaries named in the will.
The executor can’t change the terms of the will. They can only make sure that its terms are carried out. An executor can be paid a fee for their services, which can be a percentage of the value of the estate or a reasonable hourly rate. State laws vary on this compensation approach.
There are a few reasons why making a switch of executors may be necessary, such as if:
- Your original executor dies or becomes seriously ill and can’t fulfill his or her duties
- You named your spouse as executor but you divorce
- The individual you originally designated as executor no longer wants the responsibility
- Your relationship with your executor has deteriorated; and
- You think someone else would be better equipped to execute your will.
Note that you don’t need to give a specific reason to change the executor of a will. There are two ways to do this: (i) add a codicil to an existing will; or (ii) draft a brand-new will. A codicil is a written amendment that you can use to change only the provisions of your will needing changes without having to write a new one. The codicil must be executed with the same formalities as your original will.
If you need to change more than just the executor, you might want to draft a new will, which entails the same process as the one you followed when making your original one. You should also destroy all copies of the original will to avoid confusion and potential challenges to the terms of the will after you die. It’s wise to use an experienced estate planning attorney to help you replace an existing will.
For more information about estate planning in Orlando, FL (and throughout the rest of Central Florida), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: KAKE.com (Dec. 29, 2020) “How to Change the Executor of a Will”
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