Can one be an executor and at the same time a beneficiary or, as I know, an executor will be another person?
Commonly, a direct relative is a beneficiary and the executor. However, specific precautionary measures must be in place to safeguard the interests and rights of all beneficiaries identified when appointing an executor who is a beneficiary.
Therefore, it is essential that an understanding is drawn on the advantages and disadvantages of an executor-beneficiary.
It should be understood that an executor is a personal representative of the deceased under the will.
Such a person is appointed to distribute the property of a dead person according to the terms set out in the will.
Their role, known as representation, is given and protected by the law.
An executor must dispose of the property of someone who has died, in the manner the deceased would have, since they are guided by direct and strict wishes stated in the will.
Probate is the formal legal process that recognises a will and appoints the executor who administers the estate and distributes assets to the intended beneficiaries. Since an executor who is a beneficiary may tend to act unjustly and act in their favour, specific considerations are key to reducing such chances. What to avoid may include; appointment of an executor to an estate that faces insolvency, meaning the presence of debts overriding the value of assets, and appointing an executor who is untrustworthy, dishonest and selfish.
There is every legal and social need to take preventive measures to safeguard the interest and rights of deserving beneficiaries of one’s estate, including selecting an executor who respects fairness and acts justly.
Remember, going by experience, money and property tend to increase greed in many of us.
The law grants the executor the power to do so and monitors and punishes the executor who acts contrary to the trust. Choice of executor is therefore
important. Executors are usually expressly appointed by the will. Section 6 of the Law of Succession Act provides that a testator appoint his executor or executors by will.
The appointment of executors is not a mandatory requirement, but in practice, a will is considered incomplete or poorly drafted if it omits to appoint executors.
Persons who are usually appointed executors include spouses, advocates, banks, friends and the Public Trustee.
Public Trustee may become a beneficiary in the absence of known beneficiaries since such property among another mechanism, may be released to the Unclaimed Assets Financial Authority.
