A professional executor in your Will can be of great benefit. Gabael Trust has significant experience of acting as executors and is able to make sure that your estate is managed with seamlessly, allowing for expedient and effective assets distribution for all types of assets including distribution of funds to beneficiaries in accordance with the Will. Professionalizing executor services protects against conflict of interest whilst maintain familial relationships and adhering to the Testator’s wishes.
People often make Wills well in advance of their demise, which we of course encourage. However, we are concerned that an individual appointed as an executor might not still be willing or able to act by the time a testator dies, or might even have died before a testator.
Again, the choice of executors can be challenging, for any number of reasons including:-
- Family members or friends would not have the time, knowledge or experience to act as executors;
- Existence of complex family dynamics, such as blended families or possible concerns that family members may not get along;
- Likelihood of the deceased’s wishes not being implemented due to conflict of interest;
- The estate being large or complex, or both;
- Existence of one or more long-term trusts, such as a spousal trust, constructive trusts (in the case of minor beneficiaries), a trust for a special needs person, or multi-generation trusts for children and grandchildren; and
- A desire not to burden family members or friends.
Gabael Trust can be appointed as an Executor, Co-Executor, Alternate Executor, Trustee or Enduring Power of Attorney or can be hired as Agent for Executor or Agent for Trustee. We provide expert professional assistance in safeguarding assets and maximizing their value through the use of effective tax and estate planning strategies.
Our duties as corporate executor include: –
- Meeting beneficiaries to set expectations and provide an overview of the process, from the funeral to the distribution of assets;
- Arranging or assisting in the funeral arrangements;
- Locating and preparing a detailed inventory of free assets;
- Applying for Probate;
- Appointing professionals like lawyers, auditors etc;
- Paying off any estate debts and liabilities;
- Dealing with bankers to pay-off or negotiate any existing loans;
- Reviewing insurance coverage for the assets;
- Pursuing claims for life insurance and pension benefits;
- Filing appropriate income tax returns with tax authorities;
- Locating all beneficiaries and regularly updating them administration matters;
- Paying legacies and other bequests, and distributing the residue of the estate to the beneficiaries; and
- Administrating any trusts creating under the will.