Choosing an Executor for your Will might seem like a straightforward decision – perhaps a trusted friend or a close family member. However, this decision carries significant responsibilities and even a small mistake can have serious consequences. As Jocelyn Manda, Professional Provident Society (PPS) Fiduciary Specialist, explains, it is important to know what can go wrong and, more importantly, how to avoid these pitfalls.

Losing the original Will

Pitfall: Misplacing the original Will before lodging it with the Master of the High Court can lead to delays, additional costs or even legal disputes among heirs.

Solution: Always ensure your Will is stored in a secure location, such as a bank safe deposit box or a fiduciary service provider like PPS. This minimises the risk of loss or damage and ensures the Will is easily accessible when needed.

Errors in publishing Estate notices

Pitfall: Failing to publish the Estate notice correctly in the Government Gazette or local newspaper, or publishing in the wrong newspaper, can slow down the Estate settlement process and incur unnecessary expenses.

Solution: Choose an Executor with knowledge of the correct legal procedures or use a professional fiduciary service like PPS, which is experienced in handling Estate notices accurately and promptly.

Mismanagement of Estate funds

Pitfall: Estate funds that do not generate income over a reasonable period could result in beneficiaries holding the Executor liable for potential lost income.

Solution: Appoint an Executor who understands asset management and can make sound financial decisions. A fiduciary specialist can ensure Estate funds are managed efficiently to maximise returns for beneficiaries.

Not Obtaining a Clearance Certificate

Pitfall: Failing to obtain a tax clearance certificate, including for capital gains and VAT, when finalising the Estate can lead to delays and potential legal complications.

Solution: Ensure your Executor is familiar with tax regulations or consider appointing a professional Executor who is well-versed in obtaining necessary tax clearances, thus avoiding costly delays.

Missteps with marriage and divorce matters

Pitfall: Misunderstanding or mishandling issues related to marriage, such as antenuptial contracts, divorce claims or accrual calculations, can lead to disputes and financial loss.

Solution: Select an Executor who has a clear understanding of matrimonial property law or seek assistance from a fiduciary service provider like PPS, which specialises in handling complex estate issues.

Failing to protect Estate assets

Pitfall: If someone gains access to the deceased’s property and removes valuable items before the Estate is settled, the Executor may be held responsible for the loss.

Solution: Ensure your Executor takes immediate steps to secure the Estate’s assets, such as changing locks or inventorying valuables. A professional Executor will have protocols in place to protect the Estate’s assets from unauthorised access.

Making your Estate “Will-able” with PPS

Choosing the right Executor is crucial to avoiding these pitfalls. For many, appointing a professional with the necessary expertise or opting for co-executors (one personal, one professional) can provide a balance of insight and experience.

To ensure your Estate is handled smoothly, consider contacting PPS Fiduciary Services for expert guidance on Estate planning, Will drafting and safe custody. At PPS, we focus on providing intelligent financial solutions for graduate professionals, ensuring your legacy is “Will-able”.

If you are considering drafting or updating your Will, consult your PPS-accredited financial adviser or us directly at fiduciary@pps.co.za to assist you with any questions, Will drafting and reviewing services. We are here to help you live the life you want to live and to secure your legacy. Do not leave your legacy to chance – plan wisely today.