Choosing an Executor For Your Will

Key Takeaways:

• Choosing an executor is a pivotal decision in estate planning.

• Consider trust, competency, and willingness when selecting someone capable of fulfilling this crucial role.

• Clear communication and professional guidance ensure a seamless execution of your wishes.

Your executor will be responsible for seeing that the terms of your will are carried out after your death.

Choosing an executor can be stressful, particularly if you have more than one child, a complicated estate (i.e., many assets or debts), or you anticipate conflict among your beneficiaries.

Here are some guidelines you can follow to facilitate the process.

An Executor’s duties

Your executor is responsible for the administering of your estate. The executor’s duties include:

1. Petitioning the Master of the High Court to accept your will.

2. Making an inventory of all assets in your estate.

3. Determining what the assets are worth, getting appraisals if necessary.

4. Safeguarding and managing the assets until they are distributed.

5. Selling assets if necessary to pay estate debts.

6. Collecting debts owed to the estate.

7. Appearing in court on behalf of the estate if the estate is a party to a lawsuit.

8. Paying valid creditor’s claims.

9. Filing your final income tax return and paying any taxes due.

10. Filing an estate duty tax return if necessary and paying any taxes due.

11. Distributing the estate to the beneficiaries in accordance with the terms of the will.

Desirable qualities in an Executor

You are looking for three things in your executor. He or she must be someone

1. you trust;

2. who is capable of doing the job; and

3. who is willing to do the job.

You want to choose a person who is intelligent, responsible, and well-organised.

The principal qualities that an executor should possess are honesty, organisational skills, and the ability to communicate effectively. You want someone who is financially accountable, stable, reliable and trustworthy. The executor has many responsibilities, some of which can be complex. Although some of the necessary tasks may be complicated (like preparing tax returns or making investment decisions), your executor can hire professionals (attorneys, accountants, investment advisors) for assistance.

One attractive quality in an executor is perseverance in handling bills, particularly those pertaining to hospitals, medical aid, ambulance and doctors concerning a final illness. These frequently require much paperwork, payment, and reimbursement from insurance companies. The person you choose should have the time, and be willing, to deal with bureaucracy and forms.

The location of the executor is another factor to consider. It’s best to choose someone who lives in South Africa. If the executor lives outside of South Africa the Master of the High Court may insist on security.

When preparing your will and estate plan we will advise you who to choose as your executor based on your personal circumstances.

Do you need assistance in drafting your will and estate plan?