landing img
Plan

Writing A Will? Consider This While Choosing An Executor

An executor plays a crucial role in a Will, so choose the person carefully to ensure fair execution of your wishes.

June 18, 2024
June 18, 2024
Writing the Last Will

Writing the Last Will

An executor is responsible for implementing the Will according to the testator’s instructions (the person who writes the Will) after the person dies. Upon his death, the executor will file a petition along with the Will in a probate court to distribute the assets among the beneficiaries as per the person’s wishes, pay off debts, if any, file income tax returns, and fulfil other tasks as directed. So, choosing the right executor is vital for the timely settlement of properties.

The Executor’s Role In A Will

The executor does all the paper work for the settlement of assets and debts as per the testator’s wishes, saving the family members from grind of running around to collect necessary documents from different offices and institutions. If the executor is a third party, there could be no bias. Generally, the testator appoints a trusted person for the job. The person also possesses the necessary knowledge and skills for the task.

Advertisement

Also Read: Public Vs Private Charitable Trusts: How Do They Differ, Which One Should You Opt?

Points To Consider When Choosing An Executor

1. Any individual aged 18 and above with a sound mind is eligible to become an executor, one of the foremost requirements for the job.

Advertisement

2. The executor must be trustworthy. Usually, an executor is one of the family members or a close friend. However, the testator should check whether they are willing to take on that responsibility.

3. The executor must have legal and financial knowledge. Those from the law and chartered accountancy background could be ideal. It must be well thought out, if it’s a family member.

4. One can also consider a substitute executor to ensure the Will’s execution is not delayed if the first executor becomes inaccessible due to unforeseen circumstances.

5. If it is a simple Will, a person with less expertise will do, but if it involves debts, legal cases, asset distribution and financial planning, which can be complex, then a skilled person is vital.

6. Finally, the executor must be willing to devote time to fairly execute the Will.

Also Read: When Is A Legal Heir Certificate Required, And How Do You Get One?

Other Vital Points To Consider

  • Appointing an executor is not mandatory but is advisable.
  • While anyone from the family or close friends can be an executor, it is vital to exercise extreme care in choosing the right person as he must be neutral while settling the assets.
  • Third parties like lawyers and CAs would be impartial but will charge a fee.
Related Articles
Succession
Review Your Will Before It’s Too Late

The next big challenge after wealth creation is the appropriate distribution of it so that your efforts create more prosperity for the generation. An effective and properly thought-out Will does it. 

landing thumbnail

Advertisement

Advertisement

Previous Retirement Issues

  • magzine
  • magzine
  • magzine
  • magzine

Group Publications

  • magzine
  • magzine
  • magzine
  • magzine