Setting up an estate plan can be tricky for a multitude of reasons. Aside from stress and uncertainty, some people have a hard time figuring out who should be named the executor or how assets should be divided among loved ones. In some instances, estate plans need to be given a second look. For example, there are a number of circumstances in which the person who has been named the executor will need to be removed from the estate plan and a new executor will need to be identified. For people in Rochester, and across all cities in Minnesota, these issues can be difficult to work through, but it is essential to make the right decisions with regard to your estate.
Changing the person who is named the executor of your estate plan may be necessary because the person has passed away. However, there are other reasons you may come to this decision, such as their behavior or because you went through a divorce. It is important to identify the person who is most capable of handling their fiduciary duties and ensuring that your assets are distributed in accordance with your wishes. During this time, it can be helpful to thoroughly discuss these issues with the person who you are considering naming as the executor to make sure that they are aware of their responsibilities.
Any time these estate matters arise, handling them can be difficult. Head over to our estate planning page if you wish to go over more related to naming an executor.