Estate planning is contingency planning. Many things will change during your lifetime and your estate plan needs to accommodate those changes in order to remain effective. One of the key elements of your plan is your executor, the person who will manage the details of wrapping up your affairs and distributing your assets as directed in your will.
Why Do I Need More Than One Executor?
The person you designate as your executor should be someone you trust and know to be responsible. If your named executor is unavailable or unwilling to act as executor, the probate court will appoint a new executor. The court will often appoint a person all beneficiaries agree on but absent that agreement, the court must follow the order of appointment as designated in the statutes. This may not be the person you would choose.
You should name an alternate executor to step in and handle your estate in the event that your primary executor is unable. In the event that your primary executor predeceases you, becomes physically unable, or is unable to act for any reason, having an alternate gives security to your plan and saves time and money during probate. Your alternate executor will have all the same rights, responsibilities, and duties as your primary executor.
If your plan can survive the uncertainties of life, it will better serve you and your beneficiaries. To get started on an effective estate plan that meets your needs, call The Law Offices of Debbie J. Cunningham at (972) 292-7199.
Law Offices of Debbie J. Cunningham
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