Do you have to assign an executor in your will?
Most of the time, when a person drafts a will they include the name of a trusted individual they want to serve as executor. However, a will does not have to appoint an executor by name so long as it provides a reasonable description of who should be the executor. …
What happens if I appoint only one executor?
Even if you appoint only one executor, they will still have the option to stand down if they are unwilling or unable to fulfil their duties when the time comes. If this is the case, it will become necessary for someone else to apply to the court as an administrator. There are any number of reasons why an appointed executor might not wish to act.
How is an executor appointed in South Africa?
According to South African law, an individual has the right to appoint an executor of their choice to manage the dissolution of their estate. This is done through a written will which must be witnessed by two competent witnesses. If an executor is not appointed by the testator of now will is left, the Master of the High Court will appoint one.
What are the duties of an executor of a deceased estate?
The LegalWise Legal Counsellor advised Fiona that an executor can appoint a professional, such as an attorney, to be the administrator of the deceased estate. The offices of the Master of the High Court can also be approached for assistance with the administration of the deceased estate.
Do you need to nominate an executor in a will?
Executors should be nominated in your will, and your will should exempt the executor from providing security. If it does not, the executor may have to lodge security with the Master of the High Court to the full value of the estate.
Can a probate court appoint an executor of an estate?
If you wish to serve as executor in one of these cases, you can file a petition for administration in the appropriate probate court. The probate court can appoint its own executor for the estate – what’s known as an administrator. To appoint administrators, most probate courts have what’s called a priority of appointment.
When is a letter of appointment of executor issued?
Letter of appointment of executor is issued when a person died with a will, to a person who applies and is appointed by the court as the administrator of a deceased person’s estate.
What does an appointed executor or intestate administrator do?
An executor or intestate administrator also has the power to hire experts such as attorneys, real estate agents and tax accountants to assist with the estate’s affairs. An appointed executor or intestate administrator has a duty to manage an estate in a fair and honest manner.
Can a felon serve as an executor of an estate?
A person may also petition a court for appointment as an intestate administrator. Each state has its own requirements for who may serve as an estate’s executor or administrator. Some states, like Washington, do not allow felons or corporations to administer estates.