It’s always important to ask who can be trusted to take care of your assets when you are gone. When you pass away and your will is accepted for grant of probate Singapore, your executor steps in your shoes. That means he or she can perform all the legal tasks you used to do.
This includes selling your property, paying creditors, bringing lawsuits, and distributing your assets to others. In simple terms, acting as an executor is an important job, so who should you choose to handle your final personal affairs?
What characteristics make a good executor to be issued withgrant of probate Singapore? This article will help you make the right choice of a perfect executor of will.
Pick Responsible Executors Only
One of the most important traits your executor should have is responsibility. You don’t have to be an attorney, or a financial planner to be an executor. Just make sure you are responsible enough to hire the right people to help you.
If you do not have any responsible friends or family members, you can name an attorney, an accountant, bank, or trust company. But these parties usually charge some additional fees for their own services or demand higher payments than a friend or family member.
Consider People in Good Financial Stability
When choosing an executor, you need to look for a person who is financially stable. People with many creditors and liens against them, individuals with no credit history and those who have declared bankruptcy are not good choices. Bonding is a form of insurance Mancy courts may require.
This serves the purpose of paying beneficiaries if an executor absconds with estate funds. If the bonding company feels an executor is a bad financial risk and won’t extend a bond, the court will likely not allow your choice of executor to be named. In any case you want to hire an executor, make sure you look at their financial stability to ensure you rely on the right person.
Wrap Up
Finally, do not be fooled. Grant of probate Singapore work is hard for executors, bureaucrats, and hired professionals. Even simple probates can be long and frustrating processes, from fulfilling seemingly court requirements, to getting access to apartment keys and renting dumpsters. An executor must be ready to invest his or her time, not expect immediate perfection and remind beneficiaries to be patient.