How Often Should I Review Who My Executor Is?

Selecting an executor for your will or trust is a pivotal decision, but it’s equally important to periodically review and reassess this choice. Life is dynamic, and circumstances change, making it crucial to ensure that your chosen executor remains the most suitable person for the role. So, how often should you review your executor choice?

Life Milestones and Changes

Life unfolds with various milestones and changes, such as marriages, births, deaths, and even shifts in personal relationships. These events can significantly impact the dynamics of your family and relationships. Regularly reviewing your choice of executor ensures that it aligns with your current family structure and dynamics.

Executor’s Capacity and Availability

The responsibilities of an executor can be demanding, requiring time, organizational skills, and financial acumen. Periodically reassessing your executor’s capacity and availability ensures that they can still fulfill these responsibilities effectively. If their circumstances have changed, such as retirement or relocation, it may be time to consider an alternative.

Legal and Financial Expertise

An executor needs to navigate legal and financial intricacies, making expertise in these areas essential. If your chosen executor lacks the necessary expertise or if your estate has grown in complexity, it might be prudent to review your decision. Ensuring your executor possesses the requisite skills safeguards the efficient execution of your will or trust.

Seek Professional Guidance

Given the nuanced nature of these decisions, individuals with wills and trusts may benefit from seeking the counsel of independent Fee-Only attorneys or financial advisers. These professionals can provide objective insights into your estate planning, offering guidance on the selection of an executor based on your unique circumstances.

In conclusion, reviewing your executor choice should be a periodic and intentional process. Life changes, along with the demands of estate administration, necessitate a careful evaluation of whether your chosen executor remains the optimal fit. Seeking the assistance of independent professionals adds an extra layer of expertise, ensuring that your estate plan is current and aligned with your evolving needs and circumstances.

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