Executing a will: 6 steps to do it carefully & fairly

When you are named executor of a will, you hold the key to their clearest and deepest intentions. If designated as someone's will executor, you likely were close to this person and earned their trust. The closer you are to someone, the harder it may be for you to make peace with their demise. It is also likely that your bond may influence the strength of your opinion about the contents of their will.

However, it is essential to remember your role — that of someone trusted with the care it takes to fulfil someone's final wishes. You owe an ethical and legal duty of care to the person who made the will and those named in the will.

1. Locating & communicating the will to beneficiaries

Having the physical will in your possession is key to executing it. The simple act of writing a will with two witness signatures makes it a legally admissible document for probate. As the executor, you should know where it is stored and have access to it. On possessing the will, the next step is to call a meeting of the beneficiaries and communicate its contents to them.

2. Probate of will

A will must go into probate, or legal verification, unless it has been previously registered. Typically, the cost of probate is capped at ₹75,000 although it hinges on a percentage of the total value of assets. The probate process ordinarily occurs at the relevant court, often at the High Court with the court seal and a copy of the will in case of high-value immovable assets.

3. Settle bills, debts, liabilities, and taxes

Someone with a sizable portion of cash and assets is likely responsible for payment of a variety of expenses — utilities, insurance premiums, credit card bills, and other purchases. They may owe their bank money or have due bills at frequented institutions or shops. They are likely to owe taxes at the end of each financial year, and may even owe small loans or have business dues. It is essential that a list of these is made for easy tracking down.

4. Claim dues owed

Similar to debts, the deceased may be owed money. This can be in the form of an insurance policy, interest on any loans given, or other recurring transactions that pay them. A bank statement may indicate this if not found in the personal balance sheet of the deceased.

5. Begin transfer of cash, jewellery, & intangible assets

Bank assets, typically savings accounts, fixed deposits, or any other assets bought with the bank as an intermediary, are transferred more easily with a nominee and a will. In the absence of a will, a nominee can request that assets be transferred to them for caretaking or as inheritance. Jewellery is simpler to transfer if itemised and laid out clearly in the will. Other intangible assets, like mutual funds or stock investments, follow a similar pattern to the bank accounts.

6. Follow all the instructions in the will

It is natural to have your own take on the distribution of assets left behind in a will. However, being an executor is more about being judicious than any other quality. It is about being empathetic towards the humanity of the deceased and the people they left behind. To execute a will fully and fairly, it is essential to follow all the instructions in the will through every detail. As an executor, this is the only test for the quality of your role.