Nexgen works with leading trusteeship companies to act as executor of a will. An executor is the individual who will carry out the wishes of the testator as set out in the will. In legal terms, an executor is the person responsible for executing the terms of a will. This person can also be referred to as a personal representative in simpler terms. In this role, they are officially entrusted and respected with faith in their integrity and organizational skills.
According to civil law, the person performing the functions of an executor is called “haeres testamentarius”. Generally, the executor deals with matters related to assets or wills prepared by the deceased. It is their legal duty to ensure that the wishes expressed in the will are carried out accordingly. Other responsibilities include collecting and protecting estate assets, obtaining information about all beneficiaries named in the will and any other potential heirs, collecting and arranging for payment of estate debts, approving or disapproving creditor claims, ensuring that creditor claims are calculated, estate taxes are paid, forms are filed and tax payments are made, and helping the estate lawyer in any way possible. They are appointed to carry out the proper functioning of the duties entrusted to them by the deceased.
These duties can range from distributing property, paying debts, collecting valuables to protecting the testator's interests. A testator can choose their own executor and they can be someone they trust or even one of the beneficiaries of the will. An executor is one who is assigned the task of distributing and supervising such distribution of the testator's wealth to his beneficiaries after his death. The testator should preferably name a younger person when appointing an executor; this is because it is likely that they will outlive the testator. Being an executor requires you to carry out the details of the will and comply with legal requirements. The executor of a will or property manager is responsible for administering and finalizing the procedure for succession of a deceased's assets.
If Last Will beneficiaries feel that an executor is not performing their duties properly, they can involve the court system. If each nominee in a will is mentioned equally, then it is solely up to the executor (for example, one of the children) to deal with disposal of assets. It is then their responsibility to approach inheritance property procedure, along with payment of monies owed for use of property belongings, promotion of property, and delivery of belongings to heirs and beneficiaries according to final will and testament if no executor has been designated by creator of will. Should any dispute arise between beneficiaries and legal heirs at time of execution of testator's will, then it is expected that executor of will play an important role. The executor may seek advice from a lawyer or law firm after death of testator for purpose of requesting legalization of testator's will, especially for preparing petition for succession and appearing in matter.
An executor or administrator has power to dispose deceased's assets according to section 211 in any manner they deem appropriate. They also have a role in dealing with personal and financial disputes regarding contents of will. In most cases, an executor deals with problems related to assets or wills prepared by deceased person. According to section 2(c) of Act, an executor is someone whom testator entrusts last will of deceased person for execution of that last will. In application, executor must mention names and addresses of legal heirs of deceased so that notice can be issued to them before will is proven.
As they are representative of testator who puts themselves in shoes of testator to take over testator's assets and ensure that testator's last wishes are fulfilled in reality after death.
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