Executors of Estate

by | 12.Jul.2016 | Executor Services

What are the Responsibilities of the Executors of an Estate? While the recently deceased man or woman will definitely be relieved of any further earthly worries, the same cannot always be said of those whom he or she may have left behind. Although drafting a last will and testament may appear to be a relatively simple task, and one that many choose to tackle on a DIY basis, complying with the various legal requirements associated with the estate process is a responsibility that can often present more than a few challenges for the executors of a deceased estate. Given a better understanding of this role, it is probable that, rather than seeking to save the cost of appointing a specialist, many more would then see the wisdom of entrusting it to someone with rather more knowledge of these requirements than a family member or a close friend who has little or no experience of the relevant law. To understand the various benefits that are to be gained by retaining the services of a professional, it is first necessary to take a closer look at exactly what the role of executorship in South Africa entails. To state that the responsibility of the person appointed in this capacity is to carry out the various directives included in a final will and testament is something of an oversimplification. In practice, every step in this process undertaken by any of the appointed executors must itself be conducted in full compliance with the laws of South Africa relating to a deceased estate. One of the most important factors to consider is whether the total...

Deceased Estates Management

by | 24.May.2016 | Estate Planning, Executor Services

Choosing Who Will Best Manage Your Deceased Estate Most men select a brother or a long-standing friend for the role when they are choosing a best man to support them on their wedding day. When, at a later stage, the married couple are planning to celebrate the baptism of their child; they will normally be equally discerning when deciding who will act as its godparents. In both cases, the choice is one based upon trust and the knowledge that, with just a brief rehearsal, each of the parties will be able to fulfil his or her roles flawlessly. It is surprising, therefore , that so many spouses and parents fail to apply the same criteria when appointing the executor who will, one day, be responsible for the management of their deceased estate. It will often be seen as a gesture of trust by a son, a daughter, a sibling or even a close friend who may be allocated this role. However, more significantly, the task of an executor is a serious and demanding responsibility and one that, without adequate knowledge and experience, can quickly become fraught with difficulties. While, in essence, that responsibility involves ensuring that the wishes of the deceased, as stated in his or her last will and testament, are fulfilled in the manner requested, the process requires the incumbent to ensure each step in the process complies fully with any prevailing laws of South Africa that may be applicable to deceased estate management. Executors are faced with a number of duties and, before embarking upon them, he or she will need to begin by gathering all...