Should I Name a New Executor?
When you have already worked with a lawyer to make a will in Illinois and to name an executor of your estate, you may be wondering if there will ever be a need to change the executor and if Illinois law permits you to do so. For example, you might have second thoughts about the person you have chosen as your executor, or you might experience certain life changes that could necessitate a change in an executor, such as a divorce or a family estrangement. In other words, various circumstances may arise under which you find yourself asking the question: Should I name a new executor, and am I allowed to do so? Our Oak Park estate planning lawyers can give you more information.
Understanding the Role of the Executor
In order to know if you need to name a new executor, it is important to have a clear understanding of the executor’s role and who can serve as an executor in Illinois. An executor is the party who administers a person’s estate after their death. This means that the executor will ensure that your debts are paid, that taxes are paid, and that assets are transferred to those parties named in your will.
To serve as an executor in Illinois, you must be a US resident, you must be at least 18 years old, and you must be of sound mind. An executor should also be a person who is not currently incarcerated and is “not an adjudged person with a disability,” and the person should not have been convicted of a felony (although there are some exceptions).
Reasons to Change Your Executor or to Name a New Executor
If you realize that the person you named as an executor cannot serve as executor under Illinois law, you will want to name a new executor. In addition, the following are common reasons that people change executors:
Under Illinois law, you can certainly change your executor. As we have noted above, there are a wide range of reasons that a person might want to change an executor. In order to do so, you will need to create a codicil to your existing will, or you will need to make a new will. For most people, if you do not want to make any changes to your will except to change the executor, a codicil — which is essentially a document that amends part of your will — usually will suffice. Otherwise, if you want to make a significant number of changes to your will, you might want to work with your lawyer to create a new will altogether. Your lawyer can advise you on the best course of action based on your needs and circumstances.
Contact an Oak Park Estate Planning Lawyer Today
If you want to change your executor or make any other revisions to your will, or if you are just beginning to think about making a will, our firm can help. Our Oak Park estate planning attorneys have years of experience helping clients in the area, and we can answer any questions you have about the estate planning process. We know that estate planning can feel daunting, but we are here to assist you every step of the way. Contact the Emerson Law Firm today for more information about our services.
See Related Blog Posts:
Do I Need to Revisit My Estate Plan?
What Single Parents Should Consider in Estate Planning
Understanding the Role of the Executor
In order to know if you need to name a new executor, it is important to have a clear understanding of the executor’s role and who can serve as an executor in Illinois. An executor is the party who administers a person’s estate after their death. This means that the executor will ensure that your debts are paid, that taxes are paid, and that assets are transferred to those parties named in your will.
To serve as an executor in Illinois, you must be a US resident, you must be at least 18 years old, and you must be of sound mind. An executor should also be a person who is not currently incarcerated and is “not an adjudged person with a disability,” and the person should not have been convicted of a felony (although there are some exceptions).
Reasons to Change Your Executor or to Name a New Executor
If you realize that the person you named as an executor cannot serve as executor under Illinois law, you will want to name a new executor. In addition, the following are common reasons that people change executors:
- Divorce;
- Death of the named executor;
- Change in your assets; and
- Family member estrangement.
Under Illinois law, you can certainly change your executor. As we have noted above, there are a wide range of reasons that a person might want to change an executor. In order to do so, you will need to create a codicil to your existing will, or you will need to make a new will. For most people, if you do not want to make any changes to your will except to change the executor, a codicil — which is essentially a document that amends part of your will — usually will suffice. Otherwise, if you want to make a significant number of changes to your will, you might want to work with your lawyer to create a new will altogether. Your lawyer can advise you on the best course of action based on your needs and circumstances.
Contact an Oak Park Estate Planning Lawyer Today
If you want to change your executor or make any other revisions to your will, or if you are just beginning to think about making a will, our firm can help. Our Oak Park estate planning attorneys have years of experience helping clients in the area, and we can answer any questions you have about the estate planning process. We know that estate planning can feel daunting, but we are here to assist you every step of the way. Contact the Emerson Law Firm today for more information about our services.
See Related Blog Posts:
Do I Need to Revisit My Estate Plan?
What Single Parents Should Consider in Estate Planning
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