Being Executor of a Will in India
Who should be appointed an executor?
How to choose an Executor for your Will?
If you are appointed Executor of a Will.
Duties of an Executor of a Will.
An Executor is a person/entity who has the responsibility to dispose the testator’s assets to the beneficiaries as per the Will. Nexgen has collaboration with leading trusteeship companies to act as executor for your Will.
What You Need to Know
An Executor is the person who will carry out your wishes as set out in the Will. It is his/her duty to disburse the assets to the beneficiaries as stated in the Will.
An Executors duty include making any special funeral arrangements if they have been mentioned in the Will, obtaining the death certificate, filing for a probate, making payments to creditors, preparing a statement of assets and distributing the assets to the beneficiary/ies as per the Will.
Who should be appointed an executor?
You must choose an Executor based on two factors:
- Capability to Perform the Duties.
You can appoint one or more executors. Substitute executors can also be appointed should the original executor be unable or unwilling to act when the time comes.
The executors should be over 18 and of sound mind. A beneficiary in a will can be appointed as an Executor.
The executors should be professional, organized, business-like, good with financial matters and willing to dedicate considerable amounts of time to the administration of the estate. Probate and Estate Administration typically takes between 9 to 12 months to complete and a lot of work is required during this time.
The executors should ideally be resident in India, as it will be difficult for someone living abroad to carry out the required duties in a timely manner. Furthermore, the estate administration can potentially become very lengthy and very cumbersome if too many executors are spread over a wide geographical area.
Executors should not generally be chosen from an older generation as they may not outlive you.
What does it mean if I have been named as an executor?
Being named as an executor in a Will is a big responsibility. There are practical, immediate steps that need to be taken to safeguard the estate, as well as the long-term duties of valuing the estate, applying for the probate if required, gathering the assets and settling all taxes and liabilities.
As executor, you are responsible for paying all the beneficiaries. However, you need to ensure all taxes and debts are paid, as an executor can be held liable for mistakes and oversights if things go wrong, even if those mistakes were made in good faith.
You are not obliged to take on the role of executor. As it is a role for life, you should therefore think carefully before committing to taking on the role and before taking any steps in relation to the estate. If you do decide to commit to the role, you can instruct a professional to assist you so that the estate is administered correctly.
We at Nexgen can advise you on Executorship Services and help you in reducing your liabilities that can arise from your role as an Executor.
The Nexgen Executorship Service
At Nexgen we can ease the burden for your loved ones as your executors. As a corporate executor, Nexgen provides continuity for clients and their family, Nexgen experience and technical know-how on legal matters pertaining to the execution of a Will.
The benefits of appointing us as executor:
- we are independent, which can minimise conflict between beneficiaries
- the estate is administered by a regulated law firm, and our executorship service is carried out by specialist probate lawyers who have considerable expertise and who work to high quality standards
- we take away the worry, stress and hassle for your loved ones
- we take on the legal responsibility and ensure that all the legal, tax and administrative responsibilities are completed
- the ‘Will’ will be interpreted correctly and the estate distributed to the right beneficiaries
- we charge fixed fees based on complexity and value of the estate, which are agreed with the family before we start administering the estate
Alternatively, if you are an executor and you are worried about personally taking on the legal liability for the estate, you can appoint Nexgen as your representative. We will work in partnership with you every step of the way.
The Nexgen Executorship Service includes:
- identifying and tracing the assets (e.g. house, savings and shares) and liabilities (e.g. loans and mortgages) of the estate
- corresponding with the beneficiaries during the estate administration period
- finalising the deceased’s income tax affairs
- obtaining the Probate of the Will
- collecting the assets and paying the debts
- handling the sale of any property
- transferring all jointly held assets
- preparing the estate accounts
- distributing the estate to the beneficiaries
Nexgen offers Executor services in association with leading trust and succession service companies to provide one stop solution.
Our Will specialists are skilled in the nuances of estate administration and Will settlement. With our Executor services, you can be rest assured that your wishes will be carried out accurately and efficiently, with the least amount of stress to your loved ones.
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