You can appoint whom ever you wish as executor of a
YF Will
You can appoint lawyers or banks as executors of a
YF Will
YF Will covers all possible circumstances, and
is easy to administer
Choice of executor important to heirs benefits
Delays in finalisation and paying heirs result in a hidden loss
of benefits to heirs. Hidden because heirs are bearing
the cost of interest that would not be paid interest if
their liabilities had been repaid. Heirs without debt loose
the opportunity to make income. A 12 month delay can be
a loss of heirs benefits of 12%.
Check historic performance before naming any or accepting
free or low cost wills in lieu of naming as executor.
In addition 6% of all income earned until the the date of
distribution is charged as executor fees.
Heirs as executors or co-executors.
Executors fees
Executors can be given powers to employ others to do
those aspects of the administration they don’t want to
do or think they cannot do.
Heirs’ only interest is in speedy resolution of estate.
Heirs can assist getting information required to register
the estate.
Heirs can visit the Masters office to encourage prompt
executor appointment.
Family members, especially the surviving spouse, know the
family assets best.
Family members are better able to safeguard the assets
of the estate until distribution.
There are no laws disqualifying a spouse or any other heir
from being executor. The Master may require a formal
appointment of assistance if the executor named in the
will cannot demonstrate they are capable of preparing
the Liquidation & Distribution accounts or is not
resident in South Africa.
More than 95% of estates are straight forward, it is the
will that is not conclusive leaving areas of indecision
that cause delays problems and conflicts.
Executor fees are computed as 3.5% plus VAT of the gross
value of the assets of the estate. Where the value of
property is R500 000 against which there is a bond of
R300 000 the fee is computed on R500 000 even
though the value of the estate is only R200 000.
Where the surviving spouse is the sole beneficiary be
certain to name the surviving spouse as the executor.
They know their assets best of all.
Sole beneficiaries who are executors would not charge an
executor fee other than to recover fees charged where
assistance was obtained. It would be silly to charge a
fee that would be subject to personal tax when all the
assets are theirs.
Executors
Average performance over last 10 years
The New Generation Will
Invest in your heirs giving them
all the benefits
