Estate Living Digital Publication Issue 8 August 2015 | Page 47

investment

sa v vy

Who ca n y ou tru st to c a r r y o u t y o ur l a s t w i s h es ?

The easy part of preparing a Will is deciding who
should receive what and if they should receive it
immediately upon your death or if a trust should be
created. The difficult part follows when you need to
find the person who you can trust to carry out your
directions and who will act strictly in the best interests
of your heirs.
According to David Knott of Private Client Trust, the
fiduciary services division of Private Client Holdings,
and a member of the Fiduciary Institute of South
Africa, the only person competent to deal with your
estate after your death, is the executor appointed

by the Master of the High Court. “Unless you have
nominated an executor in terms of your will, the master
will convene a meeting for the election of an executor,”
explains Knott. “This delays the administration of the
estate and you will have no certainty as to who will be
appointed and what his competence might be.”
Taking this into consideration, Knott says that one
should therefore nominate an executor in the will to
avoid this delay and uncertainty. “Some people may
nominate a spouse, a child or a close friend to be their
executor. However, the nominated executor must be
skilled in the law, duties and obligations pertaining