Executor' is one of the terms you will hear. But what does this mean, and what is their role in the handling of your will? Here is what you need to know.

What is an executor?

An executor will play a vital role when it comes to making sure that your will is followed to the ‘T’. It's a person or financial institution who you have entrusted to carry out what you have listed in your will. 

For example, should you choose MiWayLife to draft your will, MiWayLife will be known as the executor. When you pass on MiWayLife will carry out the instructions that you have placed in your will.

It's a huge responsibility, therefore, be careful about who you choose to be an executor of your will. You do have the option of approaching a bank, lawyer or a close family member to handle your will.

What are their duties when it comes to your will?

Understanding the duties that an executor has to carry out will make choosing one easier. Choosing an executor in South Africa means that their duties include: 

• Notifying the beneficiaries of the contents of the will
• Identification and collection of the assets of the estate
• Safekeeping information, assets and investments until they are given to the beneficiaries in your will
• Providing notice to creditors by informing them of the death of the deceased to begin the process of having any debt paid off from the deceased estate
• The safekeeping and updating of your will 
• Filing appropriate tax returns for the estate and the deceased

However, to do this an executor will need you to provide them with the correct documents, I.D numbers of the beneficiaries and relevant contact details to make it easier for them to find. This will be someone you will trust enough to share documents and possible passwords to access accounts. 

It gives you more control over who gets access to what. You can also set a time frame with an executor of when you would like certain assets to be given to a beneficiary, especially if they are still young to inherit what you have left for them. 

Do you need one?

Many things need to be taken care of when you die. Having a will creates some control and order as to how you would like your estate and assets to be handle. It also relieves your loved ones of the stress of dealing with the legal and financial aspects when it comes to such a difficult moment of having lost a loved one. Having an executor also means that you have one less thing to worry about, knowing that your loved ones will be taken care of. It is not legally required that you have an executor, but it does make it easier for your will to be carried out in the way you would like.