By creating a last will, you can make sure that your hard-earned assets end up in the right hands. Furthermore, it allows you to name the executor of the estate, as well as a legal guardian for any minor children.
What happens if you change your mind on some of these issues?
Nothing resembles a problem as you can modify all the terms and conditions of the will after the fact, which includes changing the executor.
But how to change the executor of the will? Let’s get down to business.
The executor of a will is an individual with the crucial responsibility of carrying out the terms of the will. Thus, assigning someone as an executor means you’re providing them authority to handle the minute details in the distribution of your assets.
Generally, this role is named by the person who makes the will, also known as a testator. The only exception to this rule is a situation in which the testator passes away without naming the executor, in which case the probate court will decide who gets this responsibility.
When writing a will, you can name anyone (except minor children) as an executor. For example, that person can be a sibling, spouse, or even an estate planning attorney. Furthermore, you can also assign one of the beneficiaries as an executor, even though they can’t be a witness to the will in which they have an interest.
It’s worth noting that executors cannot change anything contained in the will, they’re only allowed to carry out its terms.
Some of the executor’s duties include:
Before going over how to change the executor of the will, it doesn’t hurt to know why you would even need to do such a thing. Here’s when changing the executor might be necessary:
The beneficiaries may also want to remove the original executor who fails to fulfill their duties by filing a lawsuit or petitioning the court. Moreover, the court may choose to replace the executor if they recognize a conflict of interest, the executor failed to execute the will or has stolen or mismanaged assets.
Although replacing the executor of the will may seem complicated, it’s actually relatively easy if you know what to do. Here’s how to change the executor of the will:
A codicil is a simple written amendment used to change the terms of your will. Since you don’t need to create an entirely new will, this one can save you a lot of time.
If you’re looking at how to change the executor of the will with a codicil, you first need to decide on a new individual for this role. The next step is to write the amendment itself. Specify which changes you want to make and name a new executor. Add the date at which you want the change to take effect.
For a codicil to be valid, it needs to be signed in the presence of two witnesses (individuals of a sound mind who have no interest in the will) and by the witnesses themselves. After the part is completed, attach the document to the will. Our suggestion is to keep these papers in a safe place and provide a copy to your estate planning attorney.
If by chance you want to make plenty of changes and not just replace the executor, it might be easier to draft a new will.
The process is probably familiar to you at this point as you have already gone through it once - you assign the beneficiaries, decide how you want to distribute the assets, and name the executor. Similarly, this version of the will also needs to be witnessed and signed properly.
Keep in mind that you will have to track down all existing copies of the original will. This helps avoid the world of trouble if both copies pop up once you pass away. To minimize the chances of this happening, it’s best to consult your estate planning attorney - if you have one, that is.
As we mentioned in the beginning, if you don’t name an executor, the court will assign one to your will. Any eligible individual can apply for the role, after which the court must decide who’s the best fit for executing the terms of the will.
However, if you
pass away without leaving a valid will, your heirs will have to contend with Florida’s intestacy laws, which may not be what you want. This is why you should draft a will if you haven’t already.
A will is one of the core documents in any strong estate plan. Still, this is only true if you’ve got a competent and trustworthy executor. Fortunately, if anything happens that changes the status quo, you can easily amend the original and replace the executor with minimal headache with your estate attorney’s help.
If you haven’t got an attorney but you’re looking to get the most out of your estate plan (such as achieving the minimum amount of estate taxes), attorneys at
Doane & Doane can be of assistance.
We spent two decades building a reputation as one of the most prominent
estate planning firms in Palm Beach County. With us, everything is at your disposal, from experienced attorneys to nifty paralegals and support staff - all of whom will work their hardest to provide you with the best legal service in South Florida.
Inform us of your estate planning needs by calling
561-656-0200 or filling out our
contact form, and we’ll get right on it.
Note:
The information in this blog post is for reference only and not legal advice. As such, you should not make legal decisions based on the information in this blog post. Moreover, there is no lawyer-client relationship resulting from this blog post, nor should any such relationship be implied. If you need legal counsel, please consult a lawyer licensed to practice in your jurisdiction.
Disclaimer: The information on this website and blog is for general informational purposes only and is not professional advice. We make no guarantees of accuracy or completeness. We disclaim all liability for errors, omissions, or reliance on this content. Always consult a qualified professional for specific guidance.
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