Expert Advice For Selecting An Estate Executor – Family vs Professionals
Identifying Your Executor
Before nominating your closest family member or best friend to be the executor of your estate, it is important to consult with professionals to evaluate your situation given the complexity and number of considerations when selecting an executor. You want to ensure you are making things easy and uncomplicated for your beneficiaries while also ensuring that your family legacy remains intact.
While many people choose a close friend or family member, it is an onerous task for any individual to undertake, particularly when they are grieving a loss. Before you decide, you should consider the benefits of selecting a professional executor.
Key Benefits of Choosing a Professional Executor
- Personal Liability and stress
Acting as an executor is a serious role and can be very stressful. In many instances the burden is too much for a grieving family member or friend. Should the estate not be dealt with correctly, the executor is also personally liable for any claims bought against the estate. A family member or friend who is not attending to the administration of deceased estates professionally and on a daily basis will not know the legal procedure to be followed and can unknowingly incorrectly administer the estate which will add additional and unnecessary liability and stress to that person and to the beneficiaries left behind.
- Specialist Expertise
Specialised estate administrators have vast experience handling the affairs daily, ensuring minimum fuss and maximum efficiency.
- Continuity Guaranteed
Selecting a friend or family member does not guarantee that they will be able or willing to act at the time of your death. If they are reluctant, this can unnecessarily delay your estate. In reality, appointing a professional to act on your behalf from the outset will ensure there will always be someone suitable to step in and accept the position when the time comes.
4 . Professional Impartiality
Unfortunately disputes or difficulties between family members and friends does happen, especially when attending to a deceased estate. This can cause issues in the administration of your estate. You can be sure that a professional executor will remain impartial and fair as its their responsibility to ensure they stay objective.
- Cost effectiveness
It may seem like the cheaper option to appoint a family member or friend. However, in practice bereaved families often defer to a professional. So ultimately the cost difference is neutral. It is also a common misconception that estate administrators will apply an uplift to estates of a higher value. The Regulation authority does not allow this. Any fee charged will simply reflect the complexity and responsibility involved in each case.
Blog article by: Riette van Vollenstee
For more information, contact: Hammond Pole attorneys: Riettevv@hammondpole.co.za