When you set up an estate plan in Colorado, you will select someone to be your personal representative. A personal representative, sometimes called an executor, is responsible for overseeing the administration of your estate after you pass away.
Identifying and managing your assts, paying off debts and transferring assets to your heirs are some examples of duties handled by a personal representative. Considering the responsibility involved, a personal representative should be someone responsible and trustworthy.
Spouses or children are commonly chosen as personal representatives. But if your situation changes, you can modify your estate plan and select a new one.
Reasons for changing a personal representative
There are many reasons you may no longer be comfortable with your designated personal representative. Divorce, estrangement or other complicated situations may may cause you to seek a new personal representative.
There are generally two ways to change your personal representative. You can add a codicil to your existing will or create a new will altogether.
Creating a new will involves destroying your old will. You can do this by physically destroying your old will or including a sentence in your new will declaring that the will revokes all prior wills. You can then name your new personal representative in the new will.
A codicil is a separate document that amends certain terms of your will. A codicil must adhere to all the same legal requirements of a will to be valid. In Colorado, this means it must be in writing and signed by at least two witnesses.
Factors to consider
While either option is available for modifying your personal representative, a codicil might be best for this type of change since it is minor. However, if you want to modify additional terms, particularly major terms, such as the distribution of your assets, it is often best to create a new will.
Additionally, choosing a backup representative can help protect your interests by preventing a court from appointing one if your main choice is no longer available.