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Three mistakes to avoid when choosing an Executor

Posted By Marilynh / February 1, 2018 / 5 Comments

 

Choosing the right executor is probably one of the most important decisions you need to make when preparing your will, and can ensure the accurate and prompt settlement of your estate with minimal family friction.

 

will

 

 

Three mistakes to avoid when choosing an Executor

or

What questions should you be asking before you decide?

 

 

Can they do the job?

 

Check how much experience they have – 5 years or more is preferable.

If you are dealing with someone who is familiar with the whole procedure, who has the legal expertise and who has built up the necessary contacts over the years, then you have found the right person.

With Call Centres taking over, it is more and more important for your Executor to be proactive and to know who to contact if information is not forth-coming.

 

Is it their core business?

 

If they are an individual or small company, make sure that this is their core business, as Estates are very admin-intensive and the process needs to be managed efficiently.  If you are dealing with a Company, make sure that they have a dedicated Estates Department handling their estate matters.

 

Is the person approachable?

 

While you need to know that the person is competent, losing a loved one is a traumatic event and dealing with a Call Centre, or with someone who is difficult to get hold of or who doesn’t call you back, can add to your stress.   Finding the right person is usually a ‘gut-feel’ decision that you will make, depending on your initial interaction with the person.

 

A note on price

 

Please bear in mind the old adage that “you get what you pay for”.   Would you trust your car in the hands of the cheapest mechanic?

Finding the right executor to work with is an equally important decision.   A competent executor should offer a turn-around time of approximately 9 – 12 months to wind up an estate – you don’t want it to drag on for years.  You should be kept in the loop and receive progress reports on a regular basis, and you should feel free to contact the executor should you have any concerns or queries.   If you can answer yes to the above questions, then you have found the right person.

 

 

                        If you think an expert is expensive, try an amateur.   Anonymous.

 

 

 

 

Article provided by:

Proactive Wills and Estates

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Comments

5 Comments

  • W H Steyn
    February 21, 2018 at 3:18 pm

    What fee does an executor charge?

    • Neville Lichtenstein
      February 22, 2018 at 1:42 pm

      They can charge 3.5% plus Vat – was 3.99% and now 4.03%. However you can negotiate – I paid 1.75% on my late parents Estates

  • Sandy Knevitt
    March 28, 2018 at 11:19 am

    Hi there
    My 80 year old mom just past away with no assets and 1 x small policy of R35,000. She has a typed up document as her Will and 2 witnesses.
    I have Power of Attorney for her Medical Aid and ABSA accounts.
    There is a funeral policy linked to her Account but ABSA needs an Executors letter.
    I do not know who the beneficiary is of her policy.
    There is no appointed Executor.
    What do we do?
    Kind regards
    Sandy (Daughter)

    • Marilynh
      April 11, 2018 at 6:56 am

      Dear Sandy

      YEI is trying to find out a response for you. We will advise you once we have heard back from our contact.

      Kind regards
      Marilyn, YEI Editor

    • Marilynh
      April 12, 2018 at 5:25 am

      Dear Sandy

      We have sent you an email with response from the author. We trust that this will assist you.

      Kind regards
      Marilyn, YEI Editor

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