Role of Will Executor
Date : 2021-06-17
What is a Will?
A will or testament is a legal document through which a testator can express his/her wish as to how their property is to be distributed after death and appoint an executor to supervise the property until its final distribution.
The Execution of Will means the process by which will of the testator is made legally valid. We at ELT Consultants offer service of will execution and appointment of executor.
Who is a will executor?
A Will Executor is a person or institution who is authorized to take charge of the proceedings and distribution of assets as mentioned in the Will.
Criteria to Appoint an Executor:
* An executor should be of sound mind and not be less than 18 years of age.
* One should appoint a substitute executor when the original executor steps back when the actual action is warranted.
* Anybody can be appointed as an executor, it may be either a beneficiary or a third person.
* An executor shall be made aware of the fact that he/she shall be liable for any errors or mistakes even if it was executed in good faith.
Duties of a Will Executor:
* Taking care of the funeral expenses from the estate left by the testator.
* Obtain the death certificate of the deceased testator.
* Interpretation of will in an appropriate way and distribution of assets as mentioned in the will.
* Listing of assets to be sold or disposed of.
* To manage expenses for all the properties until disposed of.
* To apply for probate as it is the official evidence to prove the executor's authority.
* Payment and collection of dues to the testator and maintaining records of the same.
* To be a legal representative of the testator in any legal matters (excluding criminal and defamatory matters).
Procedure for Execution of Will:
A will can only be executed after the document is duly signed by the testator in the presence of two witnesses and is registered with the registrar after paying the requisite stamp duty. It is important to understand that a registered will is legally accepted in comparison with unregistered will, however, the latter is valid. The execution of will is usually done by the executor after the death of the testator. There is no specific procedure or steps to be followed to execute a will. The executor shall follow the instructions and do as the will indicates. To begin with the duties as an executor, a probate is necessary.