An executor is an individual appointed under a valid Will with the responsibility of making sure a person's wishes under the Will are carried out.
Writing a will isn't exactly the most pleasant of tasks. After all, you're not only acknowledging your own inevitable demise, but also actively planning for it. That could explain why so many adults avoid this essential component of estate planning. According to a recent survey, 8 out of 10 Nigerians over the age of 45 do not have a will, and 7 out of 10 will not make one before they die. When a person writes a will, he is called a Testator.
If the deceased left a will, the executor or administrator will file a Grant of Probate application. Probate is the formal legal process that acknowledges a will and appoints an executor or personal representative to administer the estate and distribute assets to the intended beneficiaries. If the deceased died intestate, that is, without a will, a close relative can apply to the probate registry to deal with the estate.
In his will, the testator can name as many executors as he wants, as well as substitute executors if the first choices are unable to act. The maximum number of executors who can act concurrently is four.
There's a lot involved in being an executor, and choosing who to appoint is an important decision. This is because the role of executor is serious and carries a lot of responsibilities. When selecting an executor or executors, the testators must keep in mind that the person must be trustworthy enough to carry out the work.
Not everyone wants to be an executor, so before making a will, think carefully about who should be appointed and speak with each of the chosen executors to ensure they are willing to take on the role. Being an executor is a lot of work, and some people would rather not be appointed.
Some estates will be especially complicated. For example, there could be Inheritance Tax to pay, real estate to sell, or foreign assets to locate. This may necessitate specialist knowledge that is above and beyond the capabilities of a layperson.
There may also be disagreements among family members about the best course of action to take. If the estate is complicated, the position of executor can become a full-time job, so make sure your executor has enough time to devote to the role.
The better option is to have the estate handled by a neutral third party. The testator can always appoint a legal professional as executor.
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