If the executor of your will is not especially dynamic or able to drive hard to finalise a testamentary process, it may be time to find a new one. This is because some estates now take more than two years to wind up and a diligent executor needs to push to have the estate wound up as quickly as possible.
According to Karen Coetzer, head of Barnard Jacobs Mellet’s trust division, it’s become essential to have a proactive executor. “Over two years, costs — particularly indirect costs — mount and real hardship can result,” says Coetzer. “This can be a big blow for heirs who thought there was little risk of delay as a proper will and testament had been drawn up.”
Most offices of the Master of the High Court ensure an estate is wound up promptly — they will make sure the liquidation and distribution account is lodged within six months after the letter of executorship is issued and if deadlines are missed then a letter of demand will go out to the executor. A replacement will be appointed if the executor fails to deliver. But some offices in some centres are not as rigorous with deadlines and an executor has to push for a resolution.
“If the executor is no longer up to the job, there is a risk the process will drag on,” says Coetzer.
Tips on reviewing your will and your executor:
- Review a will’s provisions at least every year, or more often if there’s been any material change in personal or family circumstances. Part of this review is checking on your executor.
- Making a will isn’t a once-in-a-lifetime event. “It’s like any other strategy — first you do it, then you review it,” says Coetzer. Make sure that when you die you leave behind an up-to-date, well-drafted will that reflects your wishes and intentions.
- Poor planning means you may be faced with administrative, tax and legal problems and possible financial loss. Unnecessary estate duty, income tax, VAT and capital gains tax can take a big chunk out of your estate.
- Births, deaths, divorce or marriage and any change in the size of your estate should mean a review of your will. Legislative amendments affecting tax and estate planning should also be factored in.
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