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Six pitfalls when choosing an Executor for your Will – and how to avoid them

Choosing an Executor for your Will might seem like a straightforward decision – perhaps a trusted friend or a close family member. However, this decision carries significant responsibilities and even a small mistake can have serious consequences. As Jocelyn Manda, Professional Provident Society (PPS) Fiduciary Specialist, explains, it is important to know what can go wrong and, more importantly, how to avoid these pitfalls.

Losing the original Will

• Pitfall: Misplacing the original Will before lodging it with the Master of the High Court can lead to delays, additional costs or even legal disputes among heirs.
• Solution: Always ensure your Will is stored in a secure location, such as a bank safe deposit box or a fiduciary service provider like PPS. This minimises the risk of loss or damage and ensures the Will is easily accessible when needed.

Errors in publishing Estate notices

• Pitfall: Failing to publish the Estate notice correctly in the Government Gazette or local newspaper, or publishing in the wrong newspaper, can slow down the Estate settlement process and incur unnecessary expenses.
• Solution: Choose an Executor with knowledge of the correct legal procedures or use a professional fiduciary service like PPS, which is experienced in handling Estate notices accurately and promptly.

Mismanagement of Estate funds

• Pitfall: Estate funds that do not generate income over a reasonable period could result in beneficiaries holding the Executor liable for potential lost income.
• Solution: Appoint an Executor who understands asset management and can make sound financial decisions. A fiduciary specialist can ensure Estate funds are managed efficiently to maximise returns for beneficiaries.

Not Obtaining a Clearance Certificate

• Pitfall: Failing to obtain a tax clearance certificate, including for capital gains and VAT, when finalising the Estate can lead to delays and potential legal complications.
• Solution: Ensure your Executor is familiar with tax regulations or consider appointing a professional Executor who is well-versed in obtaining necessary tax clearances, thus avoiding costly delays.

Missteps with marriage and divorce matters

• Pitfall: Misunderstanding or mishandling issues related to marriage, such as antenuptial contracts, divorce claims or accrual calculations, can lead to disputes and financial loss.
• Solution: Select an Executor who has a clear understanding of matrimonial property law or seek assistance from a fiduciary service provider like PPS, which specialises in handling complex estate issues.

Failing to protect Estate assets

• Pitfall: If someone gains access to the deceased’s property and removes valuable items before the Estate is settled, the Executor may be held responsible for the loss.
• Solution: Ensure your Executor takes immediate steps to secure the Estate’s assets, such as changing locks or inventorying valuables. A professional Executor will have protocols in place to protect the Estate’s assets from unauthorised access.

Making your Estate “Will-able” with PPS

Choosing the right Executor is crucial to avoiding these pitfalls. For many, appointing a professional with the necessary expertise or opting for co-executors (one personal, one professional) can provide a balance of insight and experience. 

To ensure your Estate is handled smoothly, consider contacting PPS Fiduciary Services for expert guidance on Estate planning, Will drafting and safe custody. At PPS, we focus on providing intelligent financial solutions for graduate professionals, ensuring your legacy is “Will-able”.

If you are considering drafting or updating your Will, consult your PPS-accredited financial adviser or us directly at [email protected] to assist you with any questions, Will drafting and reviewing services. We are here to help you live the life you want to live and to secure your legacy. Do not leave your legacy to chance – plan wisely today.

ENDS

ABOUT PPS

The Professional Provident Society (PPS) is the largest South African company of its kind that provides financial services exclusively for graduate professionals. PPS operates under the ethos of mutuality, which means that it exists solely for the benefit of its members. 

PPS membership provides access to a comprehensive suite of financial and healthcare solutions that are specifically tailored to meet the needs of graduate professionals, including life insurance, short-term insurance, health professions indemnity, specialist support services, financial advisory, wealth advisory, investments and administers the Profmed Medical Scheme. 

Members with qualifying products from PPS Insurance, PPS Investments, PPS Short-Term Insurance and Profmed share in the profits and losses of PPS Insurance annually through PPS’s unique Profit-Share* Account. After we have honoured all valid claims and covered the expenses of doing business, and set up reserves for future possible claims, we distribute what is left to our members with qualifying products, together with investment growth, either as claims or as allocations to their Profit-Share accounts. So, the greater their contributions in these products, the greater is their part of the annual Profit-Share.