Home What is a Will
What is a Will?
Who Should You Appoint to be Your Executor? PDF Print E-mail

Executor is the person who carries the instructions of distributions of Estate in a Will.

There are 4 persons maximum can be appointed as an executor. If there are infant beneficiaries, 2 executors are required. (Unless is a Trust Corporation) 

The executor appointed can be either a person or a Trust Corporation registered under the Trust Companies Act 1949.

As a testator, you should appoint a person who is:

  • At least 21 years old.

  • Willing and capable to assume the responsibility.

  • Trustworthy as he or she has wide powers to administer and distribute your estate.

  • Ability to complete the administration. There is always a possibility the executor himself pass away before the administration job is done.

 
What are the Executor duties? PDF Print E-mail

Executor to locate the Will and apply for Grant of probate in Court.

Executor to arrange for the funeral arrangements if necessary, and if the funeral arrangements have been done, your family members can seek for reimbursement from the Executor.

Executor to locate and check all your Assets then identifies the Assets.

Executor then checks with financial institution and government departments to determine the actual value of your estate.

Once the Probate granted, executor shall collect all the assets and provide valid receipts of all payments of debts due to testator’s estate.

Executor will receive all your Estate’s properties and assets. He then responsible to administer and distribute the Estate according to Will’s instruction.

Executor to pay off your funeral expenses, debts, liabilities, administration expenses before distributing the Estate to your beneficiaries.

If your Estate is high in value, executor shall advertise in the Government Gazette or leading newspaper for a certain period of time (not less than 2 months) for creditors to submit claims if any.

Executor to continue managing your assets such as paying quit rent, utility bills, assessment fees, insurance policies for properties and vehicles, collecting income from rental, investment and business. If there is income tax chargeable from income received (investment income, dividends, rental income), executor need to do payment of income tax.

If there are debts owing to the deceased, Executor to collect and recover debts outstanding.

Executor shall appoint Trustees for the administration of properties to a Trust Corporation or at least 2 individuals if there are minor’s properties involved.

Executor to prepare a statement of account for your Estate to all the Legal Beneficiaries.

 
What if your Executor demised or no Executor Appointed in your Will? PDF Print E-mail

The executor named in the Will shall be treated as if he had not been appointed. If there are several executors, the administration task will be given to the surviving executor according to priority named in the Will. If the last surviving executor dies, the executor of this last surviving executor will be the executor of the deceased.

If the is not a single executor being appointed in the Will, the Court may grant a ‘Letter of Administration with the will annexed’ to a person deems fit to administer the Estate.

 
How to apply a Probate? PDF Print E-mail

Executor to get the Death Certificate of the deceased from the Registration Department of Births and Deaths.

Executor to extract the Will from Trust Corporation if kept with them. The validity of the Will be checked against the Wills Act 1959.

Executor to apply for Probate at Court.

 
Why you don’t need a Lawyer to make a Will? PDF Print E-mail
  • A Will can be made without the service of a lawyer.
  • All Wills must be in accordance with the Wills Act, 1959. As long as if complies to the Wills Act, 1959, there is no obligation to engage a lawyer.
  • Most Will Writing cases are done by Trust Corporations nowadays. Although the Wills are not prepared by lawyers, but the Wills are prepared by the Trust Corporation’s in-house legal officers. 
 
<< Start < Prev 1 2 3 4 5 6 7 Next > End >>

Page 5 of 7

Join us on Facebook

Newsletters

Related Articles

Who's Online?

We have 5 guests online