What Does an Executor Do?
This question has come up quite a bit from our subscribers and we have decided to do an outline of what the executor duties entail. The executor is basically in plain terms, responsible to handle all the outstanding issues once a person dies, thus looking and determining the assets of the deceased as well as liabilities and debts.
Now an executor does not need to be a lawyer or financial fundi and it is only required that the executor be completely honest in the duties that need to be performed.
The Administration of Estates Act also outlines the steps and duties involved for the executor in administrating the estate. There are a number of things the executor must consider and do and below we have listed a few of the options:
1. As mentioned above, the first step is to determine what the assets and liabilities are of the deceased.
2. The second option is to look at the will to determine who will inherit what according to the last and standing will.
3. There are going to be a variety if things that need to handles daily and this involved allot of administration etc. and that is the duty of the executor to complete.
4. Payment of continuing expenses. This can include bond payments, insurance premiums, SARS tax payment, outstanding debt payments etc.
There are quite a bit of work involved in getting the administration of a deceased estate completed and by getting the help of an experienced company to assist you, can be one of the best options in this regard.
If you do need help to get the administration of an estate done, then feel free to contact us to assist you in this regard.
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