How to Change the Executor of a Will

When it comes to estate planning, designating an executor for your will is one of the most important decisions you’ll make. The executor is the person who will be responsible for managing your estate, paying off any debts, and distributing assets after your death. You’ll want to make sure this is a person you trust to accurately carry out your wishes. However – things happen and circumstances can change. There might come a time when you need to change the executor of your will. If you’re wondering how to go about this, then you’re in the right place. And, luckily, changing the executor of a will is relatively simple. Let’s talk about the process.

Understanding the Role of an Executor

An executor is someone you trust implicitly; someone you appoint in your will to take care of all the financial heavy lifting after you’re gone. This could be a close family member, a trusted friend, or even a professional institution like a bank or a law firm. It’s a big responsibility, but it’s also a great honor.

Now, what does an executor do? Well, their job starts after your passing. They’re responsible for managing your estate — everything you own. This includes your house, your cars, your money, your personal belongings, and even your debts.

One of the key responsibilities of an executor is settling any outstanding debts you might have left behind. This can be anything from mortgages to credit card bills. They’ll need to use the assets from your estate to pay these off.

Next, they’ll need to file your income tax returns for the year you passed away. Yes, even in death, taxes are a certainty. They’ll need to make sure everything is squared away with the IRS and any other relevant tax authorities.

Finally, and perhaps most importantly, your executor is responsible for distributing your remaining assets according to your wishes as outlined in your will. This is where it’s vital to have someone you trust in this role, as they’ll be ensuring that your final wishes are fulfilled.

Reasons to Change the Executor of a Will

There could be any number of reasons why you might want to change your executor. Maybe your relationship with the current executor has changed, and you’re no longer comfortable with them handling such an important task. This could be due to a falling out, a change in their circumstances, or simply a feeling that they’re not the best fit for the role anymore. Or, maybe you’ve just come to realize that there’s someone else who would be better suited for this role. Maybe they’re more financially savvy, or they have more time to dedicate to the task, or they’re simply more in line with your current wishes.

Maybe your original executor is no longer able to fulfill the role. This could be because they’ve passed away, or because they’ve become incapacitated in some way. In these cases, it’s obviously necessary to choose a new executor.

Whatever the reason, changing your executor is a big decision, and it’s not one to be taken lightly. You’ll need to consider who is best equipped to handle your estate, and who you trust to carry out your final wishes.

Changing the Executor of a Will

Changing the executor of a will is done by creating a codicil. A codicil is a written amendment that allows you to make changes to your existing will without having to draft a new one entirely. Here’s a step-by-step guide on how to do it:

1. Draft a Codicil: Your codicil should clearly state your intentions. It should include your name, the date of the original will, and a statement expressing your desire to change the executor.
   
2. Specify the New Executor: In the codicil, clearly state the name of the new executor. You can also name a successor executor who will step in if the first executor cannot or will not serve.
   
3. Sign and Date the Codicil: Just like the original will, the codicil must be signed and dated by you. It also needs to be witnessed.
   
4. Witnesses: The number of witnesses required for a codicil can vary depending on your state law. Some states require two witnesses, while others may require more. Be sure to check your state’s requirements.
   
5. Notarization: Depending on your state’s laws, you may also need to have the codicil notarized.
   
6. Attach the Codicil to Your Will: Once the codicil is drafted, signed, and witnessed, attach it to your existing will. This ensures that when the will is read, the changes are acknowledged as well.
   

Do You Need a Lawyer to Change the Executor?

You do not necessarily need a lawyer to add a codicil to your will. The process of writing a codicil can be done independently, and there are even online services available to help you with this. However, it’s worth mentioning again that a codicil needs to be properly witnessed to be valid.

That said, having an elder law attorney involved in the process can be beneficial. A legal professional can ensure that the codicil is written and executed correctly and help you avoid legal complications down the line.