It is recommended that a professionally qualified executor be nominated on your last will and testament. Being an executor of an estate requires attention to detail, knowledge of laws that govern the administration of deceased estates, effort, and full engagement throughout the whole process which takes on average 10 to 12 months to finalize in these current challenging times. This is a lot for an unqualified individual to handle especially if your current executor is your surviving spouse or close family member.
Having a qualified executor on your will is especially important if your estate is currently or expected to be valued at R250 000 or greater, in these cases, the Master will request a qualified agent be appointed to assist your nominated unqualified executor with the administration of your estate. This request by the Master then puts additional pressure on your estate and the nominated executor whereas if you have a qualified executor nominated from the start this potential speedbump will be effectively eliminated.
5 advantages of appointing a qualified executor or co-executor on your final will and testament:
1. It eliminates the need for your family to have to appoint a fiduciary specialist after your death because of the possibility of the Master requesting a professional assist with the administration of your estate;
2. It takes away the burden put on your loved ones to then have to choose someone suitable to assist with the administration process in a time that is already extremely difficult and challenging. In such times simply having to make this decision could be too much for them to handle and could result in them getting taken advantage of;
3. Your estate will be run more efficiently and effectively when your appointed executor is an actively practising fiduciary specialist who has studied this line of work and is qualified to administer deceased estates;
4. A qualified executor provides immediate peace of mind, support, and direction to your surviving family members after your passing;
5. You have the opportunity, whilst you are still able to, to establish a relationship with your nominated qualified executor and through this the possibility of your wishes aligning with your will and eventually, the administration of your estates is much higher compared to that of nominating an executor in your will who is not well versed in administering deceased estates.
Our estates are very personal and important aspects of our lives. Marsh fidelity respects this and through the services we provide as professional executors and agents to executors we aim to honor you, your beneficiaries and loved ones through attention to detail, support and effective communication in times when it is needed most.
Reach out to Marsh Fidelity for all your fiduciary needs, we look forward to providing advice and support to you in the years to come.