The Role of an Executor in Managing Someone’s Estate.
When someone passes away, the executor plays a crucial role in handling their estate according to their wishes. In Malaysia, this role is vital for making sure everything goes as planned by the deceased person.
What Does an Executor Do?
1. Probate Application and Administration
The executor’s first job is to find the original copy of the deceased person’s Will. Then, they work with a lawyer to apply for a probate grant in the High Court. This grant allows them to manage the estate as outlined in the Will. This application usually takes around 3 to 6 months, depending on the court’s pace and any issues related to the Will.
2. Locating Assets
The executor needs to find all the assets that make up the deceased person’s estate. They also inform financial institutions and the Inland Revenue Board about the person’s passing. Sometimes, they might need to open a separate account to manage the estate.
3. Settling Debts and Liabilities
Before distributing anything to beneficiaries, the executor must clear the person’s debts, funeral expenses, and other costs related to the estate. The law emphasizes that all lawful debts should be paid first.
4. Distribution of Assets to Beneficiaries
Once the debts are settled, the executor divides the remaining assets among the beneficiaries as per the person’s wishes in the Will. They identify which properties and assets belong to each beneficiary. If any beneficiary claims something else, it might need to be resolved in court.
An executor’s role is vital to make sure the person’s Will is followed properly. It’s important for individuals to seek legal advice to understand what being an executor involves.
This helps in properly executing the Will and prevents accidental mismanagement of the estate. With legal guidance, individuals can ensure a smoother transition of their assets according to their wishes.