People usually designate one person to serve as the executor of their will, but it is also possible to designate two or more co-executors. Most lawyers advise that one executor is best, as it avoids potential disputes, but there are situations where it may make sense to appoint co-executors.
In most situations, it's not a good idea to name co-executors. When you're making your will, a big decision is who you choose to be your executor—the person who will oversee the probate of your estate. Many people name their spouse or adult child. You can, however, name more than one person to serve as executor.
However, the maximum number of people that can act as executor at any one time is four. You can name just one executor in your will, but we would always recommend appointing two or more executors, just in case your first choice is unable to act for any reason when the time comes.
It is common to appoint more than one executor in a will. This is to ensure that there is someone appointed to administer the estate if anything happens to another named executor. There are often a number of family members, close friends or even a professional or an organisation named as executors.
One of the main reasons to name Co-Executors in your Will is if you have a wide variety of different types of assets that require the expertise of very different people. By naming Co-Executors, different people can be responsible for different categories of assets.
If two or more executors disagree, it's possible to get an executor removed by the court if it best serves the estate (in other words, to make sure your possessions are distributed as you wanted). When no substitute executor has been named, the court also has the legal right to appoint a replacement.
In addition, when there are two executors (or more), each one is legally responsible for the others' actions. If the other person takes funds out of the estate and was not legally allowed to do so, the co-executor is on the hook.
It isn't legally possible for one of the co-executors to act without the knowledge or approval of the others. Co-executors will need to work together to deal with the estate of the person who has died. If one of the executors wishes to act alone, they must first get the consent of the other executors.
You need to appoint at least one executor of your will – but you can choose up to four people or professionals. If you're choosing friends and family, it's recommended that you appoint at least two executors. This is because there are certain limitations for sole executors that don't apply to professionals.
There can be one or more Executors appointed in the Will, but the maximum number of Executors that can apply for a Grant of Probate is four. It is common for Will Writers to recommend a minimum of two Executors when someone is making a Will, but it's still a common occurrence for only one Executor to be been appointed.
Who can be an executor of a will? Many people choose their spouse or civil partner, or their children, to be an executor. At least one of your executors will need to be aged over 18 at the time they apply for probate – which is a legal document that gives you the right to sort out the affairs of someone who has died.
Top Tips for choosing an Executor:
A family member or other beneficiary are often named as Executors in a Will. To confirm, an Executor can be a beneficiary. The person must have capacity to take on the role.
Look closely at the fees: it could be an hourly charge or a percentage of the estate, often between 1% and 5%.
Above all else, the executor of your will should be someone you trust to carry out your final wishes. Many people choose one of their beneficiaries, or heirs — like a spouse, child, or close family member — to be their executor. Other people choose to have a trusted attorney or accountant fulfill the role.
Do all executors of a will have to apply for probate? Often more than one executor is named in a will, but not all of the executors have to apply for probate. A maximum of four people can apply to the Probate Registry to prove a will and be named on the grant of probate.
Ways an Executor Cannot Override a Beneficiary
An executor cannot change beneficiaries' inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.
If the Solicitors are acting as professional Executors then the value factor charge will be 0.75% of the value of any residence and 1.5% of the balance of the gross value of the Estate.
Assuming responsibility for the assets and ensuring the beneficiaries receive them. Deciding when and how to sell an inherited property so that beneficiaries get the best price. Ensuring the correct Inheritance Tax, Capital Gains Tax or Income Tax is paid. Paying any outstanding debts incurred by the deceased or estate.
As long as the expense can be justified as a legitimate cost related to their role and receipts are recorded and kept as part of the estate accounts, an executor's costs can be reimbursed from the estate.
Appointment of an Executor: In estates where the assets are valued more than R250 000, or where the estate is insolvent, an Executor is appointed by the Master. This is normally the person named in the will as Executor, or if there is no will, the person nominated by the heirs.
In very rare cases executors can be named “joint and severally”, which allows them to make some minor decisions without unanimous decision.
As a result, if somebody's executor dies before them, there may be several co-executors, or a successor executor. If there are other executors then the process is effectively unchanged, and the remaining executor(s) must then apply for a grant of representation, which includes a grant of probate.
Can an executor appoint another executor? If they are unable to act temporarily, for example, they live abroad; it is possible to give a Power of Attorney to another person to act on their behalf. The executor can delegate the functions he/she has to carry out to the attorney.
If the executor wishes to step down, they must sign a Deed of Renunciation. This document means that the executor agrees to give up the role and any responsibilities that come with it. The deed is then filed with the Probate Registry and is made final.