- 082 839 6160
- [email protected]
- Mon - Fri: 8:00 - 16:00
Executors and Agents to Executors
Choosing your executor is one of the most important decisions you will make regarding your estate.
An executor effectively ‘steps into your shoes’ to manage your affairs and finalise your estate when you are gone.
Having a qualified and experienced executor that you can trust is so important as this is someone who will be in your family’s life for, at minimum, the duration of your estate administration.
Administering an estate requires your executor to communicate with the Master of the High Court, the South African Revenue Service, municipalities, your employer, financial institutions such as banks and insurance companies, your beneficiaries, as well as other debtors and/or creditors of your estate.
Your executor is nominated in your will and appointed by the issue of Letters of Executorship by the Master of the High Court. It is common in South Africa for a person making a will to appoint a loved one as their executor in their will. However, the complexity of the process of deceased estate administration, and the responsibility placed on an executor who is grieving the loss of a loved one, is often underestimated. We know that there are numerous advantages to appointing a certified Fiduciary Practitioner or FPSA ® as the executor or co-executor of your estate. Marsh Fidelity has these designated professionals to assist you.
What is a Fiduciary Practitioner or FPSA®?
The word ‘fiduciary’ originates from the Latin word ‘fiducia’ which means confidence, trust or reliance, and refers to a relationship involving trust, entrusting responsibility to someone else, or looking after something on someone else’s behalf.Image Marsh Fidelity
Advantages of having an Executor who is a FPSA®
1.
Experienced and Professional
A FPSA® will be an experienced professional with the qualifications and demonstrated experience to deal with fiduciary matters in South Africa. He or she will therefore be equipped to deal with any situation that may arise and that may require specialist knowledge relating to wills, tax, property, investments, trusts, or the estate administration process.
2.
Effeciant and Timeous
The process of winding up a deceased estate is time-consuming and complicated. Appointing a dedicated fiduciary practitioner with a FPSA® designation, whose sole focus is fiduciary work, will lighten the burden on your trusted executor as he or she will already have the specialist knowledge and systems in place to ensure that your estate is dealt with effectively and timeously.
3.
Mediator
Disputes between beneficiaries or family members of the deceased are common, even on estates with a minimal value. Where family members or beneficiaries cannot agree on certain matters, an FPSA® as your executor will be an independent voice to mediate between parties, act in your best interests and ensure that your wishes are honored. It is the standard of a FPSA® to always remain fair and impartial and to act with integrity.
4.
Avoid Unneccesary Expenses and Delays
When choosing an executor, you may think that appointing a family member as an executor will save money, however, this is often not the case. Due to the specialist knowledge required, executors without fiduciary knowledge often end up appointing a professional to assist with the numerous calculations, complicated tax issues and legal requirements involved in deceased estate administration. Appointing a FPSA® from the beginning will avoid wasted costs and unnecessary delays in the winding up of your estate.
5.
Stay in Control
There is no guarantee that a family member or friend will be willing or able to accept the appointment as executor after your death. Should they fail to accept the appointment, the Master will appoint someone to act as your executor. This may be someone you and your loved ones do not know at all. By appointing a FPSA®, there will be continuity in your choice, as they will most likely have a succession plan in place so that all their clients will be handled by another professional who is as suitable and experienced should they not be able to fulfil their role as executor when the time comes.
Our Expertise
The director of Marsh Fidelity, Daniel Marsh, holds an FPSA® designation and in March 2023, Daniel was appointed as the Vice-Chairman of FISA KwaZulu-Natal, a regional branch of the Fiduciary Institute of Southern Africa. At Marsh Fidelity, all our staff are highly qualified and specialists in the fiduciary, tax, and legal fields.
We will use our expertise to reduce, where possible, the costs, taxes and time frame in which your estate is managed and finalised so that your beneficiaries receive the greatest possible inheritance in the shortest possible time upon finalisation of the estate. Specialising in the fiduciary field allows us to stay current on amendments to the law and keep track of additional requirements that various stakeholders, such as the Master of the High Court, financial institutions and SARS, may need.
