Drafting a last will and testament can help to ensure that your assets are distributed according to your wishes after you pass away. You can also use your will to name a legal guardian for minor children or choose an executor for your estate. Itâs possible to make changes to your will after itâs written, including removing or adding an executor if necessary. If youâre wondering how to change the executor of a will after the fact, the process is easier than you might think. As you go about the process, it may behoove you to find a trusted financial advisor in your area for hands-on guidance.
Executor of a Will, Explained
The executor of a will is the person responsible for carrying out the terms of a will. When you name someone as executor, youâre giving him or her authority to handle certain tasks related to the distribution of your estate.
Generally, an executor can be any person you name. For example, that might include siblings, your spouse, adult children or your estate planning attorney. Minor children canât serve as executors and some states prohibit convicted felons from doing so as well.
Thereâs no rule preventing a beneficiary of a will from also serving as executor. While beneficiaries canât witness a will in which they have a direct interest, they can be charged with executing the terms of the will once you pass away.
What Does the Executor of a Will Do?
Being executor to a will means there are certain duties youâre obligated to carry out. Those include:
- Obtaining death certificates after the will-maker passes away
- Initiating the probate process
- Creating an inventory of the will-makerâs assets
- Notifying the will-makerâs creditors of the death
- Paying off any outstanding debts owed by the will-maker
- Closing bank accounts if necessary
- Reading the will to the deceased personâs heirs
- Distributing assets to the persons named in the will
Executors canât change the terms of the will; they can only see that its terms are carried out. An executor can collect a fee for their services, which is typically a percentage of the value of the estate theyâre finalizing.
Reasons to Change the Executor of a Will
While you may draft a will assuming that your choice of executor wonât change, there are different reasons why making a switch may be necessary. For example, you may need to choose a new executor if:
- Your original executor passes away or becomes seriously ill and canât fulfill his or her duties
- You named your spouse as executor but youâve since gotten a divorce
- The person you originally named decides he or she no longer wants the responsibility
- Youâve had a personal falling out with your executor
- You believe that a different person is better equipped to execute your will
You donât need to provide a specific reason to change the executor of a will. Once youâre ready to do so there are two options to choose from: add a codicil to an existing will or draft a brand-new will.
Using a Codicil
to Change the Executor of a Will
A codicil is a written amendment that you can use to change the terms of your will without having to write a new one. Codicils can be used to change the executor of a will or revise any other terms as needed. If you want to change your willâs executor using a codicil, the first step is choosing a new executor. Remember, this can be almost anyone whoâs an adult of sound mind, excluding felons.
Next, youâd write the codicil. In it, youâd specify the changes youâre making to your will (i.e. naming a new executor), the name of the person who should serve as executor going forward and the date the change should take effect. Youâd also need to validate the codicil the same way you did your original will.
This means signing and dating the codicil in the presence of at least two witnesses. Witnesses must be legal adults of sound mind and they canât have an interest in the will. So, a beneficiary to the will couldnât witness your codicil but a neighbor or coworker could if they donât stand to benefit from the will directly or indirectly.
Once the codicil is completed and signed by yourself and the witnesses, you can attach it to your existing will. Itâs helpful to keep a copy of your will and the codicil in a safe place, such as a safe deposit box. You may also want to give a copy to your estate planning attorney if you have one.
Writing a New Will to
Change the Executor of a Will
If you need to change more than just the executor of your will, you might consider drafting a new will document. The process for drafting a new will is similar to the one you followed for making your original one.
Youâd need to specify who your beneficiaries will be, how you want your assets to be distributed and who should serve as executor. The new will would also need to be signed and properly witnessed.
But youâd have to take the added step of destroying all copies of the original will. This is necessary to avoid confusion and potential challenges to the terms of the will after you pass away. If youâre not sure how to draft a new will to replace an existing one, you may want to talk to an estate planning attorney to make sure youâre doing so legally.
What Happens If You Donât Name an Executor?
If, for any reason, you choose not to name an executor in your will the probate court can assign one. After you pass away, eligible persons can apply to become the executor of your estate. The person the court chooses would then be able to carry out the terms of your will. If you donât have a will at all, then your assets would be distributed according to your stateâs inheritance laws.
Thatâs why itâs important to take the time to at least write a simple will. This way, thereâs no question of your estate being divided among your heirs the way that you want it to be.
The Bottom Line
Making a will can be a good starting point for shaping your estate plan. Naming an executor means you donât have to rely on the probate court to do it. But if you need to change the executor of your will later, itâs possible to do so with minimal headaches.
Tips for Estate Planning
- Consider talking to a financial advisor about creating an estate plan and what you might need. If you donât have a financial advisor yet, finding one doesnât have to be complicated. SmartAssetâs financial advisor matching tool can help you connect with an advisor in your local area. It takes just a few minutes to get your personalized recommendations online. If youâre ready, get started now.
- A will is just one document you may need as part of your estate plan. You may also consider setting up a trust, for example, if you have extensive assets or own a business. Life insurance is something you may also need to have, along with an advance health care directive and/or power of attorney.
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