An executor is the person or institution legally responsible for administering a deceased person’s estate.
The executor is usually nominated in the deceased person’s will. However, the person nominated in the will may only act as executor once formally appointed by the Master of the High Court and issued with Letters of Executorship.
The executor’s responsibilities may include:
- identifying and taking control of the deceased person’s assets;
- identifying and notifying creditors;
- settling valid debts, taxes and estate expenses;
- preparing the required Liquidation and Distribution Account;
- transferring or selling property where necessary; and
- distributing the remaining assets to the lawful heirs or beneficiaries.
The executor remains legally responsible for the administration of the estate, although an estate attorney, accountant or trust company may assist with the legal, tax and administrative work.
Source and further information: South African Department of Justice and Constitutional Development – Deceased Estates
