The person who serves as the executor of an estate has to have certain essential characteristics. What are these important characteristics? Are you interested in learning more about what this person’s role is? Who can serve in this role? Find out more below.
Here is some useful information.
An executor of an estate is the person who is in charge of administering a deceased person’s estate. He ensures that all assets in the will are accounted for. He is responsible for ensuring that all the deceased’s debts are paid off. He also makes sure that the individuals who are named in the will as inheritors do receive their inheritances.
These are the characteristics that your executor should have:
- He needs to have an understanding of his duties, and he must be committed to taking his duties seriously.
- He should be honest and trustworthy. He is the person who is entrusted with doing what is best for you as well as your beneficiaries. He must be loyal.
- He needs to be able to understand complex concepts. He has to have an understanding of legal rules and processes.
- He has to follow the terms of your will, even though he may have his own preferences or interests.
- He also has to be organized. This is essential.
- He is responsible for balancing the interests of all of your beneficiaries. Therefore, he has to be fair and make practical decisions about the handling of your estate.
Now that you know more about the vital characteristics that this person should have, it is necessary for you to make sure that you consider the best person for the task at hand. You may decide to choose a friend to serve in this role. If you are not comfortable with doing that, then you can always ask a professional to serve in this role.
Think very carefully about which person is going to be in charge of administering your estate when you are no longer alive. The person that you choose has to be responsible. It is no use choosing someone who is going to be irresponsible. Pick the right person to serve in this role.
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner) / MTP (Master Tax Practitioner – S.A)