Who is Executor? Why do we need an Executor?

Executors are vital to the successful effecting of a Will.

An executor is the one appointed to carry out the terms and instructions in your Will, and administer your entire estate until all assets are distributed. The distribution and administration process would depend on the size and values of the estate, the beneficiaries' age.

Sometimes, the executor might be required to also assume the Trustee's role if no other trustee has been appointed and if beneficiaries are not yet ages 18.

Choosing an executor is not an easy task. We can choose up to four execuor. Each of them should ideally possess assest management skills and professionalism - especially if the estate is large. Honesty and reliability are necessary since valuable like jewellery, ornaments and antique will be vested with them until finally distribution. They should also have time to manage the whole process.

Spouse are quite commonly named executor, they may not be in a state of mind to deal with the demanding duties and complex procedures involved if still in grief.

Why not consider a corporate trustee to be either an executor or a substitute executor. Such institutions understand fully the intricacies of a Will, and possess the time and ability to manage, distribute and enhance your estate effeciently. They are also impartial (non-biased to particular persons) and ha continuity. They are thus excellent alternatives to individual executors. They also possess the necessary knowledge and experience with the courts to deal with matters pertaining to a Grant of Probate to ensure the smooth distribution of your estate.

Before the appointment of an executor whether it's individual / corporate), you are advice to get their consent. Especially with individuals, this will ensure that they not only understand the magnitute of the task, but are ready and willing to assume it. This will avoid problems of the executor renouncing the role later on.

Family members should be furnished with the name, address and contact number of the executor so that the person can be contacted immediately when required. This is especially important if the Will contains funeral instructions or matters requiring urgent attention.

Executors are the ones who will ensure whether all your final wishes come true. Therefore, choose then wisely.

For more information, please contact : Candy at 012 6366468
For those who have not write their Will, please start to think about this....

Source: The Sun - 31st March 2000