Choose your executor wisely and avoid these Will pitfalls

You’ve lost the original Will

Misplacing the original Will before lodging it with the Master of the High Court can lead to delays, additional costs or even legal disputes among heirs.

Solution: Always ensure your Will is stored in a secure location, such as a bank safe deposit box or a fiduciary service provider. This minimises the risk of loss or damage and ensures the Will is easily accessible when needed.

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You didn’t publish the estate notices

Failing to publish the Estate notice correctly in the Government Gazette or local newspaper, or publishing in the wrong newspaper, can slow down the estate settlement process and incur unnecessary expenses.

Solution: Choose an executor with knowledge of the correct legal procedures or use a professional fiduciary service that is experienced in handling Estate notices accurately and promptly.

The estate funds were mismanaged

Estate funds that do not generate income over a reasonable period could result in beneficiaries holding the Executor liable for potential lost income.

Solution: Appoint an executor who understands asset management and can make sound financial decisions. A fiduciary specialist can ensure estate funds are managed efficiently to maximise returns for beneficiaries.

There’s no clearance certificate

Failing to obtain a tax clearance certificate, including for capital gains and VAT, when finalising the Estate can lead to delays and potential legal complications.

Solution: Ensure your Executor is familiar with tax regulations or consider appointing a professional Executor who is well-versed in obtaining necessary tax clearances, thus avoiding costly delays.

There was a misstep with marriage and divorce matters

Misunderstanding or mishandling issues related to marriage, such as antenuptial contracts, divorce claims or accrual calculations, can lead to disputes and financial loss.

Solution: Select an executor who has a clear understanding of matrimonial property law or seek assistance from a fiduciary service provider that specialises in handling complex estate issues.

Someone stole estate assets

If someone gains access to the deceased’s property and removes valuable items before the estate is settled, the executor may be held responsible for the loss.

Solution: Ensure your executor takes immediate steps to secure the Estate’s assets, such as changing locks or inventorying valuables. A professional Executor will have protocols in place to protect the estate’s assets from unauthorised access.

Willing and able

For many, appointing a professional with the necessary expertise or opting for co-executors (one personal, one professional) can provide a balance of insight and experience.

To ensure your estate is handled smoothly, consider contacting professional fiduciary services for guidance on estate planning.

Leaving a legacy starts with Will drafting and safe custody, and regular reviews.