One of the key tasks to complete when making your estate plan is to name an executor. They will be in charge of putting your estate plan into action when you come to pass.
Yet, what if change your mind about who you have chosen? Can you take that power back from them, or are you stuck with your earlier decision?
Yes, you can change your choice of executor. You are free to do so as many times as you wish. There are numerous reasons you might want to do this, including:
Your relationship with them changes
Maybe you named your stepchild because you were sure they had the skills the job required. If you divorce their parent, your relationship with them might sour, too, and you may feel it better to pick someone else.
They are no longer capable of doing the job
Ill health can strike unexpectedly and it can be heartbreaking to see someone you were fond of lose their physical or mental capacities. If the person you named is no longer physically or mentally capable of fulfilling the role, you need to replace them, now. Otherwise, a court will end up having to pick someone new.
You lose trust in them
Your chosen executor is a friend from college. They later made a name for themselves as a skilled financial advisor. Last month, however, accusations surfaced that they were under investigation for insider trading. You may decide you need someone whose integrity is unquestionable.
If you wish to change an executor, be sure to learn how to do so the correct way, so the change choice is legally valid.