By Martin de Bruyn, CFA, CFP

Last month was national wills month in South Africa and it is worth pausing to reflect on whether you have a valid and updated will. Also, is the appointed executor still the correct person or business to administer your estate?

An executor of an estate is the person responsible for carrying out the wishes of a deceased person as expressed in their will. This includes gathering and valuing the assets of the estate, paying any debts or taxes owed, and distributing the remaining assets to the beneficiaries.

The role of an executor is important for several reasons. First, it ensures that the deceased person’s wishes are respected. Second, it can help to avoid disputes among the beneficiaries. Third, it can help to streamline the estate administration process.

Here are some of the specific duties of an executor:

• Locate the will and file it with the Master of the High Court.
• Identify and gather the assets of the estate.
• Value the assets of the estate.
• Pay any debts or taxes owed by the estate.
• Distribute the remaining assets to the beneficiaries in accordance with the will.

Being an executor can be a complex and time-consuming task, but it is also an important one. It is important to choose an executor who is trustworthy, organised, and has good financial skills.

Why is it important to have an executor of an estate?

There are a number of reasons why it is important to have an executor of an estate. Here are just a few:

• To ensure that your wishes are carried out. When you die, your executor will be responsible for carrying out your wishes as expressed in your will. This includes distributing your assets to your beneficiaries and paying any debts or taxes that you owe. Without an executor, your wishes may not be respected and your estate may not be settled properly.
• To avoid disputes among your beneficiaries. If you do not have an executor, your beneficiaries may disagree about how to settle your estate. This can lead to disputes and delays. An executor can help to avoid these disputes by acting as a neutral third party who is responsible for carrying out your wishes impartially.
• To streamline the probate process. Administration of deceased estates is the legal process of settling an estate. It can be a complex and time-consuming process, but an executor can help to streamline the process by working with the court and other professionals.

How to choose an executor of an estate

When choosing an executor of your estate, it is important to consider the following factors:

• Trustworthiness. Your executor should be someone that you trust to carry out your wishes faithfully.
• Organisation. The role of an executor can be complex and time-consuming, so it is important to choose someone who is organized and can manage the task effectively.
• Financial skills. Your executor will need to have some basic financial skills in order to manage the assets of your estate and pay any debts or taxes that you owe.
• Availability. Your executor should be someone who is available to handle the responsibilities of the role. This may involve spending a significant amount of time and effort, so it is important to choose someone who is willing and able to take on the task.

Conclusion Choosing an executor of your estate is an important decision. By carefully considering the factors discussed above, you can choose an executor who will be able to carry out your wishes faithfully and efficiently.