Executor is placed in charge of assets
The executor is charged with taking control of all assets and liabilities and distributing the remainder of your estate.
While executors have a responsibility of care, they are also bound by various laws and taxation requirements.
If you appoint your spouse or family member as executor, the appointment will often not be confirmed by the master of the high court without an agent being appointed as well. Your spouse or family member may be able to find an appropriate agent to deal with your estate once you have died, but you may prefer to know who this will be and know their ability to attend to your estate.
You should discuss the fee with the executor and this should be included in your will. If you do not specify the fee to be recovered, the tariff of fees will be applied as set by government regulation: 3.5% of the gross estate value plus VAT (3.99%) and 6% plus VAT (6.84%) on income collected postdeath.
You may wish to provide for an alternative executor should the first-nominated die, not be willing to take up the appointment, or no longer exist (for example, if it is a company).
If you wish only the specified heir to receive the inheritance and not their spouse, you need to state this in your will.
If an inheritance is payable to a minor child, this will be paid to the master of the high court’s guardians fund. It may be better to deal with this in your will either via a will trust (testamentary trust) or some other mechanism on which the drafter can guide you.
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