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What does an executor of a will have to do?
An executor of a will is responsible for making sure that all the legal aspects of the will are actioned. The executor is legally liable and accountable to the Master of the High Court but may issue power of attorney to various administration service providers to complete various tasks, in the estate administration process. Functions of the executor broadly stated include:
Having power of attorney
Taking control of the estate assets
Securing firearms and ammunition in safekeeping
Placing notices in terms of Section 29
Opening an estate cheque account
Submitting Section 27 inventory, if so required
Submitting Income Tax return for the deceased
Finalising valuations
Submitting the Liquidation and Distribution Account (L&D) to the Master of the High Court, within six months from the issuing of the Letters of Executorship
Planning the liquidation
Considering the claims against the estate
Paying liabilities
Distributing inheritances
Submitting Estate Duty Return
Finalising accounts