You put a lot of thought and care into who will serve as your estate plan executor. This person has many important roles that begin shortly after you pass away. They must gather your will and submit it for probate and then begin notifying creditors and analyzing all assets inside the estate. If you have done advanced estate planning, you can make it much easier for your executor.
This will potentially increase the chances of them serving out the role in full and managing any debts and creditors before distributing remaining assets to your loved ones. However, there are a variety of reasons that may lead an executor to resign. Complicated estates can be overwhelming for many people who are not prepared for this role. Similarly, someone appointed as a California trustee might also choose to step down from their role.
Executors may find themselves mired in lawsuits or will or trust conflicts, and it can simply be difficult to navigate conversations with beneficiaries and family members. Executors also have what is known as personal liability to uphold a fiduciary duty to the estate, meaning that they act in the best interests of the estate and the estate’s beneficiaries.
Sometimes a person may not feel as though they have appropriate training or financial knowledge to invest complex assets inside your estate. An executor is not forced to serve in this role simply because they have been named in someone’s will in California.
Executors do have the right to step down and resign and, in these situations, it’s helpful to name a backup executor in your estate planning documents. Contact our office today to learn more about how this works. We can help you determine what to think through when naming someone as a primary or secondary executor.