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Appointing an Executor for Your Will

Life is unpredictable, with dangers like the covid-19 pandemic looming over our heads. As a result, people have started thinking about the proper distribution of their assets after their passing. Documenting your wishes in the form of a formal will is the ideal way to address this matter. 

 

While the will-making process may seem overwhelming, it need not be so. Today, with the help of digitally-enabled solutions, you can draft a Will from your home to distribute your possessions to individuals you choose. 

 

Listed below are some terms you will encounter in the will-making process.

 

  • A will is a legal declaration of a testator regarding the distribution of their assets upon their demise. Moreover, a testator/ testatrix is the individual who has their will drafted (to be executed after their death).
  • An executor is an individual or a corporate/legal entity empowered legally as a representative of the testator. The executor is entrusted with the responsibility of undertaking the distribution of the testator’s possessions. The obligations of an executor include:
    • Obtain the death certificate of the testator.
    • Correctly interpret the will, settlement, and fair distribution of assets to beneficiaries.
    • Maintain an inventory of possessions to be disposed of or sold along with records of the transactions.
    • Filing or applying for probate serves as legal evidence of the executor’s authority.
    • Make payments to creditors or collect money that is due to the testator.
    • The executor must mediate in case of a will-based dispute among the family members of the departed testator.

 

Factors to Choose an Appropriate Executor for Your Will: 

  • An executor’s name is included during the will-makingprocess, and the executor draws authority from this will.
  • An executor must be a trustworthy individual or entity who is perfectly capable of performing the duties entrusted to them.
  • The executor must be of sound mind and over 18 years of age.
  • A beneficiary in your will or a third person can be appointed and serve as your will executor.
  • Ideally, your executors should be residents of India so that related duties can be conducted promptly.
  • You can select a substitute executor in case the original executor is unable or unwilling to perform the obligations.
  • Appointed executors must be efficient, with sound legal and financial knowledge, and willing to provide time towards estate administration.

 

One important consideration is choosing between an individual or a corporate/professional entity as executor of your will. The table below identifies the pros and cons of each. 

 

Factors to consider

Individual Executor

Corporate /Professional Executor

Expertise / Efficiency

Limited Level

Professional Level

Time dedicated to estate management/obligations

Limited

As required

Fees/Cost

None

Fee charged for services rendered

Reliability

High

Medium

Personal Biases

High Possibility

Nil / Low Possibilit

 

In India, it is common to appoint a spouse, eldest son, or next of kin as an executioner. However, without the proper legal or financial knowledge, the executioner will be unable to handle the obligations appropriately.

Your death will always be a massive loss for your family and friends. It is therefore prudent to embark on the will-making journey well in advance. Preparing a will and appointing an executor ensures your loved ones their rightful dues in your absence. Consulting with reliable experts during will preparation and appointing legally adept, professional executors will safeguard your assets. It will also ensure hassle-free disbursement of your estate and possessions in the event of your passing. Organizations like Easyinherit, with their proficient financial and legal teams, will guide you appropriately through the process.

jesso
I'm professional content writer and blogger
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