The law in South Africa does not allow an executor to be a beneficiary of the estate. This is because most people who are executors have a conflict of interest when it comes to the distribution and management of the estate. In contrast, with a testamentary trust, the trustees can be beneficiaries.
Can a family member be an executor of an estate in SA?
The executor is the person who manages the estate of a deceased person and distributes its assets according to their will. A family member can be an executor of an estate in South Africa, but it is not a requirement. A court will appoint an executor if there are no suitable candidates or if the deceased person was unmarried and did not leave a will. An executor must be at least 18 years old, can act as an executor, and must not be bankrupt.
How much are the executor’s fees in South Africa?
An executor is a person appointed by the terms of a will to carry out the instructions of the testator. An executor is typically required to take care of all legal and financial matters related to settling an estate. This includes collecting any debts owed by the estate, paying taxes, and distributing assets according to instructions in the will. The executor’s fees are usually charged on a percentage basis depending on the size of the estate. The fee can range from 1% to 5% or more depending on what is included in their services.
