A last will and testament is often the basis for a comprehensive estate plan. You probably realize that your will can include a number of provisions to distribute your assets to those you have chosen as your heirs, and you can make arrangements regarding how your minor children will be cared for in your will as well. However, one of the most important parts of your will is the selection of a person or entity to serve as your executor. Under Texas law, your estate’s executor is in charge of managing your estate and making sure that your wishes regarding your assets and property are followed.
Once you have chosen an executor, however, your work in this regard is not necessarily done, especially as more time passes after the establishment of your will. There are a few situations in which you might consider someone else to serve as your executor – here are just a few.
The Greek thinker Heraclitus is credited with the ancient maxim about the only constant thing in life being change. This reality proves itself every day as we get older. Your current situation might be dramatically different from when you first created your will and named someone to serve as your executor. Significant life changes, such as a divorce, the death of a child or spouse, or moving to a new state, could make a complete revamp of your estate plan necessary, including your choice of executor. The individual that you originally appointed to that role might no longer be in your life, or he or she might live too far away to manage your estate effectively.
Have you accumulated a great deal more wealth or investments since you first drafted your will? Perhaps you have liquidated certain holdings to decrease the complexity of your estate based on the recommendation of a financial advisor. In either case, you might wish to rethink your choice of executor and their qualifications for handling your estate. A much larger estate, for example, might be too complex for your chosen executor to manage. On the other hand, if your estate is much simpler now, you might not need the attorney or financial professional that you originally appointed.
For many of us, our friend group changes several times throughout our lives. One or two friends may remain constant, but chances are you have at least a few different friends than you did several years ago. The next time you review your estate plan, take some time to consider your current relationship with the individual you named as executor. If that person does not relate well to you or your wishes anymore, think about selecting someone new. Loyalty is a good thing, but do not be afraid to make decisions based on your best interests and those of your family rather than a sense of obligation to an old friend.
For more information about all aspects of estate planning, including the selection of an executor, contact an experienced Fort Worth estate planning lawyer. Call (817) 349-7330 for a free consultation and case review with a member of the team at Gonzalez Law, PLLC today. We look forward to helping you create a secure future for your loved ones.
Sources:
https://www.agingcare.com/Articles/reasons-to-review-your-will-168705.htm
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