The executor is the person who is given the responsibility to administer and wind up the deceased estate. This means that the executor will attend to the process whereby the deceased estate is liquidated and divided among the heirs / legatees.
For example, where there is a valid Will, the executor must follow the directions set out in that Will, on how the deceased estate’s assets are to be distributed among the heirs. The executor is also responsible to liaise with the creditors of the deceased estate, with the South African Receiver of Revenue, the Master of the High Court and the deceased’s family. Further, the executor is entitled to charge a fee for the services rendered which is guided by regulations published by the Minister under the law.
The executor therefore plays a central role and should have experience in the administration of deceased estates, along with a strong knowledge of the legal aspects of the administration process. Executors can either be a hinderance to winding up the deceased estate or they can make the process seamless through properly attending to their responsibilities.
A testator can nominate anyone to be executor in their Will. The testator can choose to either nominate a family member (or friend), or a professional institution such as a firm of legal practitioners, or a combination of a family member alongside a firm of legal practitioners.
In the Will created for you by GalileoWills, we automatically include the appointment of a team of experienced legal practitioners as the executor of your estate. Our team at Galileo Advisory Services has more than 50 years of combined legal experience in the administration of deceased estates. We also have a national presence with regular attendances at various Master’s offices which expedites the administration process.
Galileo Advisory Services follows an approach of upfront discussion and negotiation regarding fees. This is so that we can agree on a reasonable fee amount which will be covered by the deceased estate. We seek to involve your loved ones in the decision-making process during the administration of the deceased estate to make sure that all their needs are properly understood and accounted for. We strive to wind up the estate as soon as reasonably possible in order to give effect to the wishes expressed in your Will.
Therefore, when you sign your Will created with GalileoWills, you can rest assured that your estate will be administered by skilled and experienced executors, who put your wishes and your loved ones’ interests first.