One of the main parts of your Last Will and Testament document is naming someone as your executor. This may be an individual you trust to manage your estate (i.e., pay your outstanding debts and file your taxes) until it is time to distribute your remaining assets to your designated beneficiaries. While they may undeniably be dependable in your life, there may be extenuating circumstances in which they can no longer fill this role. This may be reason enough to name a backup executor as well. With all that being said, please continue reading to learn more reasons why you should appoint a backup executor and how an experienced Butler County will preparation attorney at Heritage Elder Law & Estate Planning, LLC, can help you make these designations accordingly.
What is the role of a backup executor?
More formally referred to as a success executor, a backup executor may be the trusted individual you wish to step in if your primary executor, for some reason, cannot or will no longer serve in their role. So with that, a successor executor may hold the same powers as a primary executor, but this is only activated once they are officially appointed to serve by the Pennsylvania probate court. In other words, at no point will your successor executor and primary executor work together towards the common goal of managing and distributing your estate.
Why should I appoint a backup executor in my will?
As already mentioned above, sometimes life circumstances unexpectedly and drastically change. For your primary executor, they may experience something that makes them no longer able or willing to serve you. You may not foresee a scenario in which your primary executor would abandon this role in this manner. However, you cannot predict the future. And so, it is better to play it safe and appoint a backup executor, rather than leaving your designated beneficiaries feeling sorry that your estate administration process is delayed or complex. With that being said, below are specific examples in which a successor executor would come in handy:
- Your primary executor may, sadly, pass away before or during your probate process.
- Your primary executor may, sadly, become too physically ill or mentally incapacitated to serve.
- Your primary executor may move out of the state or country, making serving more complicated.
- Your primary executor may simply be unable to be located at the time of your unfortunate passing.
- Your primary executor may face a conflict of interest with your designated beneficiaries, causing disputes.
- Your primary executor may realize they are wholly unprepared for this role’s required financial and legal expertise.
- Your primary executor may have recently declared bankruptcy and shown they are not well-suited for handling finances.
- Your primary executor may have recently been convicted of a criminal offense, particularly one involving fraudulent activities.
- Your primary executor may, sadly, be dealing with a personal matter (i.e., the death of a loved one) that distracts them from this role.
When it comes to your estate planning, you should not settle for anything less than spectacular legal assistance. So please hire us for your planning process. One of the skilled Butler County estate planning attorneys at Heritage Elder Law & Estate Planning, LLC, looks forward to working with you.
