The importance of having an executor for your will and how to choose the right one
When it comes to inheritance bequest, the general perception is that writing the will is the last step. But, it is far from so. Though not compulsory as per the Indian Succession Act, one of the most important aspects of making a will is choosing the executor – the legal representative of the testator, who will distribute his/her assets as stated in the will. Recently, we came across an online grievance column where a man had complained about being cheated by the executor of his mother’s will. While such complaints are rare, it prompted us to discuss why an executor should be appointed and, more importantly, how to choose the right one.
Why nominate an executor?
In India, any individual above the age of 18 with a sound mind can become an executor. He/she should also be considerably younger than the testator, likely to outlive him. Once appointed, there are many responsibilities that he/she has to fulfil, starting with meeting the expenses of the testator’s last rites. Some of the other duties of the executor include obtaining the testator's death certificate, filing an inventory of the assets that are to be disposed of, distributing assets as mentioned in the will, and settling the debts of the testator and collecting money from borrowers.
As is evident, appointing an executor has many advantages. To begin with, the loved ones of the testator can focus on grieving and healing without having to handle the tedious process of claiming the inheritance. They can also rest assured that the assets will be distributed as mentioned in the will. However, this is only possible if you appoint the right person as an executor. That brings us to the next question: How to choose the right executor?
Choosing the right executor
An essential factor when choosing the executor is trust – the testator should be sure that the appointee will settle the assets as per his/her will, without bias or fraud. The executor should also be fairly educated and competent enough to fulfil the responsibilities bestowed upon him/her. The settlement of assets is a long, tedious process, so appoint someone who can devote that much time to his/her duties as an executor.
Anyone can be appointed executor, from a family member or friend to a lawyer or financial advisor. Multiple executors can also be appointed while vesting the ultimate authority in the hands of one. New executors can also be assigned if the current one is unable to perform his/her duties or wants to quit.
If making a will and choosing the right executor are feeling like daunting tasks, worry not. https://www.easyinherit.in/ is right here to help you with all inheritance-related matters. Be it registering the will, providing legal aid by a team of specialist lawyers, or assisting you with claims submission, EasyInherit is your answer to all inheritance-related issues.