Estate Living Digital Publication Issue 8 August 2015 | Page 48
to their role as executor, and be acceptable to the
master, otherwise the master will not issue Letters of
Executorships to that person,” says Knott.
“This again causes unnecessary delays in the
administration, as the nominated executor, who may
also be under some emotional distress, now needs
to seek an agent and often the wrong choice is made
in haste. Once again, the testator has no control
over who will become responsible for looking after
the heirs.” Knott recommends that just as you would
research what is available in the market before buying
an item, so too should you investigate who should
operate in a fiduciary capacity, as an executor, and
how does the market perceive that individual.
“Many attorneys, accountants and trust companies
offer this service with varying degrees of competency.
An attorney or accountant may not necessarily be
trained as an executor as their focus could be, for
example, on family law or small business accounting.
One therefore needs to find a firm with a dedicated
wills and estates division to ensure that the estate
is properly dealt with. The strength of most trust
companies is the efficient administration of estates
but once again, one needs to talk to those who have
had experience dealing with particular companies to
gauge their service levels.” Knott goes on to say that
it is of benefit to know the staff administering the
service and this is probably where a trust company
has the advantage over a smaller law or accounting
practice. “Select a trust company that has a wealth
management division where one can develop a
relationship over a period of time, rather than a oneoff meeting. This is particularly important where a trust
might be created and trustees appointed. The choice
of a good trustee is often more important than that of
an executor as the executor’s role is limited to a short
period whereas the duties of a trustee can spread over
many years and entails complex investment decisions
and overseeing substantial assets. A trustee, apart
from knowledge of the law, must also have access to
intelligent investment advice” continues Knott.
The careful nomination of an executor is prevalent
in other areas too such as where minor children are
involved. The nomination of a suitable guardian is
very important and whilst young couples might think
grandparents would be the best option, the generation
gap sometimes presents its own difficulties. The
health and tolerance levels of grandparents need to
be considered particularly if they have downscaled
from the old family home to a lock-up-go. Often a
close couple within your own circle of friends with a
similar lifestyle and value system would make a better
guardian than parents or siblings.
“Difficult decisions may require intense thought,
some homework and discussion but will ensure that
your directions are carried out to the best interests of
your loved ones during a very sad and stressful time,”
concludes Knott.
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