Are you a forward thinking person? Have you thought about writing a will yet? Have you considered who you are going to nominate as the executor of your will? Let us rephrase that… Have you carefully considered who you should appoint as your executor? Do you know which factors you should take into consideration in making this decision? Are you starting to feel a bit overwhelmed at the thought of having to choose the right executor for your will?
Over the course of the next few weeks, we will be examining the topic of executors and providing you with tips to allow you to choose the right executor for your will. To ensure that you do not miss out on any of the tips, subscribe to our blog!
Who is an executor?
So, in case you are not aware of who an executor is, let us fill you in on the fundamentals. Your executor is the person who steps into your shoes once you pass on to wrap up your affairs and distribute your assets according to your wishes as indicated in your will. An ideal executor is one who would complete this process as speedily as possible and in a manner that minimizes stress for the bereaved family.
On a slightly more specific level, the functions of an executor are to control and protect assets in the deceased estate; identify heirs and ultimately distribute the assets to them; draw up accounts that reflect all assets, claims against the estate and how the residue (if any) will be distributed (the residue is what is left over once all the specific gifts have been made); and pay debts and file the final tax return.
Looking at the functions of an executor, it is quite clear that the executor has a very important role in the entire process of winding up the estate. It makes sense, then, that the person who you choose to be the executor for your will really has to be the best person for the job. But do not feel overwhelmed! Over the course of the next few weeks, we will look at how to choose the right executor for your will.
What you can look forward to
We will look at questions like:
- Who can be an executor?
- How do I nominate an executor?
- The costs involved in the process.
- Who is best and who is worst to choose as your executor?
Subscribe to our blog to ensure you don’t miss a single tip!