You were responsible and diligent and completed your estate plan decades ago. But as the years wore on, things may have transpired that caused you to rethink your earlier decision to appoint someone as executor.
What might be some common reasons for making such a change?
1. The person predeceased you
This reason is often given when someone needs to update their estate plan with a new executor. As no one has a lease on life, when appointing an executor, it is also common to list a secondary executor who is poised to step in that role should the original executor be unable or unwilling.
2. Divorce happened
Many estate planners appoint their spouse as executor of their estate. After all, you want someone whom you trust implicitly. But if you later divorce your spouse, you probably don’t want them to be in charge of your estate once you are gone from this world.
3. Disservice
Perhaps you have reason to believe that the executor you appointed would no longer act in your and your beneficiaries’ best interests when they manage your estate. They may have fallen into addiction or not be physically or mentally up to the challenges of probating your estate.
There are other circumstances, too, that could influence your decision to revise your estate plan and appoint a more able or trustworthy executor in their place.
Don’t hesitate — act
Once you have determined that changes need to be made in your estate plan, you should act swiftly. But you don’t have to approach this blind. Seeking guidance from estate planning professionals to ensure that you have all of your ducks in line.
