Skip to main content

It is vital as a 60-plusser to plan for your future
particularly when it comes to our estates.
One of the most crucial elements of estate planning
is appointing an Executor for your Will,
who will step into your shoes and implement your wishes to dissolve your estate.

In this article, we will explore the significance of an Executor,
the qualities to look for, and the benefits of having an experienced person
or institution act as an Executor to wind up your estate.


What is an Executor?

An Executor is the person or institution responsible for the administration and distribution of your estate according to your wishes after you pass away. The executor is therefore appointed to manage the deceased’s estate according to the relevant laws and ultimately to distribute the assets to the beneficiaries according to a Last Will and Testament. It is a significant role that calls for a certain set of qualities to guarantee the estate is handled quickly, effectively, and efficiently.

Why Do I Need an Executor for My Will?

Once someone passes away, a deceased estate automatically comes into existence and the winding up process commences. If one has left a Last Will and Testament, the person nominated as Executor will begin the administration process by reporting the estate (usually with the assistance of a Legal Agent, such as an attorney) and request the Letters of Executorship from the Master’s Office.

Once the Letters of Executorship have been obtained, the full process of winding up the estate commences. The executor’s primary responsibility is to carry out your instructions and manage your affairs, according to your Last Will and Testament.

The Executor will play a pivotal role in ensuring that your assets are handled properly and that your beneficiaries receive what was intended for them, as set out in the Last Will and Testament. Without an appointed, trusted Executor, the process can become complicated, lengthy, and may even result in your wishes not being carried out as you intended.

What Happens if you Pass Away Without a Valid Will?

Should you not leave a Last Will and Testament, your Estate will devolve according to the laws of the Intestate Succession Act 81 of 1987. Your closest relatives will have to nominate an Executor, who will have to be accepted by the Master. A bond of security may be required by the Master’s Office before Letters of Executorship are obtained, as set out in Section 23 of the Administration of Estates Act 65 of 1965.

Furthermore, your estate will devolve according to a set formula according to the above Act and this may not reflect your wishes on how you wanted your estate to be distributed.

Who Should I Appoint as an Executor for My Will?

It is usually common for people to appoint a spouse of close relative as an Executor. It is important to consider, however, that such person could find it challenging to take on the administrative responsibilities of the role at such a difficult time. Therefore, it is important to think about appointing a neutral third party with prior experience with estates who can continue to be objective and detached throughout the procedure. One may also appoint more than one Executor.

Therefore, choosing an executor is a critical decision that requires careful consideration. Here are some factors to keep in mind:

  1. Trustworthiness: Your executor should be someone you trust to carry out your wishes faithfully, and has the best interests of your heirs prioritized.
  2. Responsibility: They should be organized, reliable, and capable of handling the responsibilities that come with managing an estate.
  3. Availability: Ensure that the person you choose has the time and willingness to take on this role.
  4. Financial Acumen: Basic financial knowledge is essential as they will be dealing with your assets and liabilities.
  5. Impartiality: It’s beneficial if the executor can act fairly and impartially, especially if there are potential family conflicts.
  6. Understanding of Duties: Ensure your chosen executor understands what the role entails and is prepared to fulfil these duties.
  7. Compensation: Executors are entitled to compensation for their services. Discuss and document what is fair and reasonable. In South Africa executors are entitled to 3.5% of the value of the estate, plus VAT. Please bear in mind that this percentage can be negotiated.

Why It Is Beneficial to Have an Experienced Executor

It is beneficial to have an experienced executor administer your Estate as an executor with years of experience is in a position to efficiently carry out his or her duties. This ensures that issues and delays are avoided. An experienced executor such as an attorney can effectively deal with issues such a cash shortfall, negotiating with creditors, disputes among heirs, obtaining certificates of balance, drafting the Liquidation and Distribution Account, assist with property transfers and distribution to heirs in the estate. Furthermore, an experienced Executor can identify tax saving mechanisms in order to ensure maximum benefit to the heirs of your estate.

Our Expert Executors

Over the span of his career, Meyer De Waal, director of MDW INC, has acted as an Executor for various estates since 1978.

In addition, Jan Pretorius, a director of Perpetual Fiduciary Services and consultant of MDW INC, works alongside Meyer De Waal. Jan Pretorius can be described as an expert in the administration of insolvent, deceased and curatorship estates. Jan Pretorius boasts more than 40 years of estate advice experience and has administered more than 2 000 estates.

It is both Meyer De Waal and Jan Pretorius’ mission to take away the administrative burden of heirs who are mourning their loved one and to administer the estate in a professional and efficient way.

Conclusion

Appointing an Executor for your Will is a decision that should be carefully considered. This individual is going to play a crucial role in ensuring your final wishes are honoured and that your estate is managed efficiently. Choosing someone who is trustworthy, responsible, and experienced, provides peace of mind for yourself and your loved ones. Take the time to consider your options carefully and discuss your choice with those involved to ensure a stress-free and efficient administration of your estate.

Remember, planning ahead is a gift to your family and loved ones, sparing them additional stress during a time of loss. Should you wish to find out more about the estate administration process and finding a suitable Executor, kindly contact us below.

CLICK HERE TO READ MORE : Navigating the Complexities of Business Partnership After a Partner’s Demise

 

FOR ENQUIRIES:

Meyer de Waal
MDW INC meyer@mdwinc.co.za
021 461 0065 & 083 653 6975

 

Jan Pretorius
jan@perpetualservices.co.za
082 889 4000


Daniela Papa
daniela@mdwinc.co.za
021 461 0065 & 083 783 8494


Devedine Armstrong
devedine@mdwinc.co.za
021 461 0065 & 076 902 4027

 

or complete the following form and we will get back to you

 

CLICK HERE TO READ MORE: MDW INC, Your Estate Planning Partner

 

*Please note: MDW INC offers a maximum of 5 free basic wills per month to pensioners.
Should a will be complex in nature, MDW INC has the right to discuss a fee structure being put in place with the person concerned.

 

Subscribe to YEI

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.