Most people understand the importance of having a valid and up to date Will in place but few carefully consider who to nominate as an executor in their Wills. Your executor is not only tasked with the responsibility of ensuring that your wishes are carried out but also that all legal formalities pertaining to the estate administration process are adhered to.
“The estate administration process can be extremely complex and time consuming, combined with the trauma involved in losing a loved one. It is important to consider nominating an objective and competent professional as the executor in your Will. Trust is important and using a professional executor with the requisite experience can minimise the stress associated with settling your estate,” says Vijay Morarjee, CEO FNB Fiduciary.
When nominating an executor, we suggest you consider the following:
Relying on one specific individual may cause a delay in wrapping up your estate, they could possibly pre-decease you, retire or for any other unforeseen circumstances be unable to perform the duties that you entrusted them with. Consider nominating an executor, which doesn’t rely on one specific individual but which has sufficient skilled staff to perform this function.
Keep in mind that your loved ones or beneficiaries might live in different towns and cities across the country or even abroad. It therefore makes sense to choose an executor that has sufficient regional and national representation which will aid interaction between beneficiaries and executor.
Skill set and experience
The most important consideration is that your nominated executor should have the skill and experience required to adequately perform this highly complex task. Nominate a specialist estate administrator with the necessary legal and tax knowledge. Many people nominate an executor solely based on the discount offered on executor fees without much consideration for the competencies and skills available.
Trust is key
Ultimately it all comes down to trust. Do you trust your nominated executor enough to step into your shoes and protect what is important to you, whilst having the necessary understanding of the estate administration process?
“Access an experienced and knowledgeable executor to guide you through the complex and time -consuming deceased estate administration process as well as help with the numerous practical tasks which need to be performed. It is a very difficult time for families and our team of specialists at FNB Fiduciary can assist with the administration of the most complex estates,” concludes Morarjee.