Executor of a will. What exactly does that involve?

The duties and powers involved depend on what is stipulated in the will. For example, the person drawing up the will may say: I want the executor to arrange my funeral only. In that case, the executor is only responsible for the funeral.

Power of the executor

The executor may also be given more duties, such as managing the estate. This means that he is responsible for paying any outstanding debts and distributing the remaining balance to the heirs. The executor may also have dispositive powers: in that case the executor may also sell goods. In addition to settling debts, the estate may also be prepared for division if this is stipulated in the will. The executor’s exact powers therefore depend on what is stipulated in the will.

Inheritance tax

The executor is also jointly and severally responsible for filing and paying inheritance tax. I always recommend hiring an expert when it comes to inheritance tax, as even a small mistake can have unpleasant consequences. I also always recommend setting aside the amount likely to be levied. When the tax return is received, the executor can pay it on behalf of all heirs.

Refuse

Have you been appointed as executor? If so, you can also refuse the task. If you refuse, the will will be examined to see if a successor executor has been appointed. If the will stipulates that the court may appoint an executor, the court may make use of that option and otherwise the law will be applied where all heirs are jointly responsible for settling the estate. If you have appointed an executor, it is wise to notify him or her in advance. This will ensure there are no surprises for the executor and you can share what you expect from him or her.

Three things you need to know about executorship

1. A will may appoint several executors. They may all be responsible for a different aspect, such as the funeral or the settlement of the digital estate.
2. Executors receive compensation for the task. The law stipulates that this is one per cent of the balance of the net estate, unless stipulated otherwise.
3. Expenses incurred by the executor, such as travel, notarial and copying costs, can be claimed from the estate. The invoices should be retained.

More information

Do you have questions about a will? Or do you have another legal question? Please do not hesitate to contact us. We are happy to assist you.