The importance of nominating an independent executor when drafting your will

According to Bheki Khenisa, chief executive officer of Sanlam Trust, nominating an executor without the necessary expertise – or not nominating one at all – could lead to much valuable time being lost before your loved ones can receive their inheritance.

 

"People often appoint a family member or a community leader as the executor of their estate. This is not advisable, since winding up the affairs of a deceased person and ensuring that the stipulations in the will are carried out can be a highly technical and complex process. Appointing your spouse, for example, is not usually a good idea, since he or she could be emotionally incapable of taking important financial decisions. Your spouse may not know where to get the best advice or service, or may be exposed to people serving their own interests.”

 

Not nominating an executor in your will can also lead to avoidable complications. An executor can only officially begin to administer an estate after the Master of the High Court has been notified and has issued a letter of executorship. When an executor is appointed by the Master in terms of a nomination in a will, the process will normally run smoothly. If no-one has been nominated in the will, the major beneficiaries of the deceased must propose an executor, who may or may not be approved by the Master. This process could become drawn out and cause valuable time to elapse, to the detriment of creditors and heirs.

 

The duties of an executor include:

 

• Collecting all the assets of the deceased, such as fixed properties, furniture, firearms, vehicles, shares, proceeds of insurance policies, outstanding debts, cash assets and other interests

• Collecting all debts against the estate and settling them after their validity has been investigated

• Dividing the balance of the assets among the rightful heirs after all debts against the estate have been paid.

 

"The entire process could take anything between 6 to 13 months, depending on the complexity of the estate. Successful administration of an estate depends on the service from external institutions such as the SA Revenue Service, the Master’s office, insurance companies and many more. If the deceased was involved in litigation before his or her death, or died of unnatural causes, this could also slow down the process,” says Khenisa.

 

He says the advantages of approaching a reputable company such as Sanlam Trust, which specialises in wills, estates and trusts, when nominating an executor include:

 

• You will enjoy the benefit of specialised experience and knowledge

• The estate will be handled deftly and professionally and you are ensured of objective advice

• You enjoy complete security through internal quality control systems

• Sophisticated computer systems ensure top-quality service.

 

"Nominating an executor to look after your affairs after your death is a big responsibility. For your loved ones, being in mourning is difficult enough – don’t add to their anxiety by not having chosen an experienced and impartial executor who can wrap up your estate as timeously as possible,” concludes Khenisa.