Executor Of Estate

Duties of an executor of estate - the person who is in charge of the winding up of your estate after you have passed away - is seen as one of the hardest jobs for anyone close to the deceased loved one to undertake.

This is where probate comes in and what it accomplishes. It's the legal process of making sure the decedent's debts and liabilities are paid from the cash and assets left behind, then transferring ownership of what remains to beneficiaries.

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WHAT IS AN EXECUTOR?

An executor is someone you select in your last Will and testament. They carry out the instructions set out in your Will and help to handle the winding up your estate. Even if you know that you need to appoint an executor of estate, you need to think carefully before you decide who is going to represent your estate in that capacity. Family friends are usually appointed. Hence do we fail to realise that a friend might not understand the complexities and legalities needed to manage your estate effectively. As such, wrong decisions can be made that will harm your estate.

HOW DO YOU APPOINT AN EXECUTOR?

Understanding the role of executor can help you make an informed decision. You have the option to approach your bank to assist with the executorship function. As a result should you not be ready to choose someone in your family take on this important role. One other important issue to consider when choosing to take on the role of executor is the fact that impractical and incorrect provisions may be included in Wills, which could make the administration difficult. A bank, trust company, attorney, accountant or another professional person can administer the process to ensure it is handled effectively. Contact us today to help you appoint an executor

Appoint an executor to draw up your last will and testament. (See picture attached)

Estate Provider Benefit, Life Cover

Estate Provider Benefit (EPB) in a nutshell

One of the main features of the EPB is to provide the necessary funds required to settle professional fees that arise during the administration of a deceased estate. Such as executor fees, conveyancing fees, motor vehicle transfer costs, trust co sts as well as fees relating to the Master of the High Court. And costs associated with firearms and how this is dealt with in the deceased estate. Supplementary to the above, the EPB covers 100% of the executor fees that arise during the administration of the deceased estate for estates below the gross value of R10 million. If the gross value of the estate is above R10 million Momentum Trust guarantees a 50% discount of executor fees off the amount over R10 million.

Any residual of the benefit lump sum amount that is paid directly to Momentum Trust, at claim stage, which is available in surplus after the finalisation of the deceased estate will be paid back to the deceased estate account. This allows the executor to distribute these funds to the testamentary heirs. An additional benefit of the EPB is that the executor fees are waived on the benefit lump sum and is thus excluded from the gross estate value which is unlike any other product in the market.

Another favourable aspect of the EPB is that the instant cash lump sum to the maximum of R 50 000. Payable to the nominated beneficiary, will not be aggregated with any other instant cash payable by additional Myriad Death Benefits. This means that the total instant cash benefit to a maximum of R100 000 is payable when a client has an EPB in addition to a Myriad Death Benefit.

The EPB enables financial advisers and clients to have wills drafted by highly educated and experienced will drafters in which the will may be amended and reviewed from time to time without incurring any additional costs. The signed will is then collected and held in safe- custody at Momentum Trust in a secure and safe holding facility without any additional safe custody fees chargeable. A very significant aspect of this benefit is the aggregated buying power that Momentum Trust, as a service provider offers by ensuring favourable and affordable rates for services associated with the administration of the deceased estate including but not limited to, litigation services, auditing services as well as trust services to name a few.

The EPB notably alleviates the challenges associated with deceased estates with estate values that are below R250 000. In such cases, a qualified and experienced executor does not administer the estate. This duty is left to another representative as appointed by the Master of the High Court.

This benefit gives you peace of mind knowing that your will is safe, that there will be enough money available in your estate to cover administration costs, and that any amount not used will boost your estate because it will be paid back.