The Executor of a will is the person chosen by you as the Testator, (the owner of the will) to act as the responsible person to ensure all the wishes expressed in the will are properly carried out.
Who can be an executor:
- any family members, parents, siblings, uncles, or aunties.
- legal councils, trustees, business partners, friends, acquaintance.
- more than one executor can be named in a will.
the golden rules to remember:
- they must be a living person, over the age of 18, they can be anyone you choose.
- select a willing, accountable, and trustworthy person to become your executor.
The executor you select must handle all monies, assets, bank accounts, sale of properties, receiving payments, settling of all debts, and owing’s, paying relevant taxes, and holding in possession all the remaining money until a settlement is made.
The Executor(s) must act with the best interests of the beneficiaries in mind, with an overall objective of ensuring the beneficiaries maximum benefit. The role, in simple terms, is getting all relevant approvals of the courts, receiving, and preparing the assets to be distribution ready, managing the collections, administering those assets for the duration, defending any legal challenges and finally handle the distribution of all remaining balances to the named beneficiaries.
The executor plays a major role, it is hard and time consuming. The Executor is allowed to engage professional assistance so that the estate is correctly handled. The executor is also entitled to charge fee for his service.