What Are The Rights And Responsibilities Of An Executor

Appointment and Authority

• Appointed by the Master of the High Court or named in the deceased’s will
• Receives a Letter of Executorship from the Master, granting legal authority to administer the estate
• Has the right to access the deceased’s financial records and bank accounts

Asset Management

• Create an inventory of all the deceased’s personal effects
• Identify, collect, and value all assets in the estate
• Protect and manage assets until distribution
• Open a dedicated bank account for the estate

Financial Responsibilities

• Settle all debts and liabilities of the estate
• Pay relevant taxes, including income tax, capital gains tax, and estate duty
• Close existing bank accounts of the deceased

Legal Obligations

• Report the deceased estate to the Master of the High Court
• Publish notices to creditors in a local newspaper and the Government Gazette
• Draft the Liquidation and Distribution Account
• Submit the account to the Master of the High Court and advertise it for public inspection
• Ensure compliance with the Administration of Estates Act 66 of 1965

Distribution of Assets

• Distribute remaining assets to heirs and beneficiaries according to the will or intestate succession laws
• Obtain tax clearance from the South African Revenue Service (SARS)

Communication and Transparency

• Meet with the deceased’s family to gather necessary information and documents
• Keep beneficiaries informed about the progress of estate administration
• Handle any disputes or objections that may arise during the process

Right to Compensation

• Entitled to receive payment for their services, typically a percentage of the estate value as determined by estate law.

Liability

• Personally liable for any losses incurred due to negligence or improper administration of the estate

Executors must act with integrity, transparency, and in the best interest of the estate and its beneficiaries throughout the administration process. The role requires attention to detail, financial acumen, and a thorough understanding of estate law.