Article
The Executor
Who is the Executor
The Executor is a person (individual or corporate) named by The Testator, to carry out directions of the Will.
Typically, the Executor is the person responsible for offering the Will for probate. His duties also include disbursing property to the beneficiaries as designated in the Will, obtaining information on beneficiaries, arranging for payment of debts of the estate and approving or disapproving creditors' claims
Choice of Executor(s)
The Executor
- Required to be a Natural person (Lay Trustee) is subject to obligations of the Trustees Act.
- 21 Years of age and above.
- Must be a Natural person.
The executor can also be a trust corporation
- In intestacy, where there are minority interests or life interests, no individuals administrators and sureties are required.
- Trust corporation does not have to provide security as administrator.
Duties of Executor(s)
The Executor
- Locate your Will.
- Make/pay funeral arrangements out of estate.
- Ascertain or Call in your assets.
- Obtain probate.
- Distribute your assets according to your Will.
- Render Final Accounts.
Executor Pay
An executor has no automatic entitlement to be paid as it would conflict with his duties to manage the affairs in the best financial interest of the estate.
Nevertheless, remuneration can be directed within the Will or on application to a court.
Executor Vs Trustee In a Will
For example, some beneficiaries cannot legally hold their inheritance in their own name:
Minors: For CPF funds, the minimum age is 18; for most other assets, it is 21.
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Individuals with mental incapacity: They are legally unable to manage assets independently.
The Trustee (expressly) may administer the trusts set up through a Will such as in a tstamentary trust.
- The testator can choose one perosn to act alone, any number of people to act together or a trust company.