Many years ago when I was much younger, my father called me over one day, to his house, to make me sign and agree to being executor of his will along with my brother. All I felt good about then was, he had put my name before my brothers which showed his respect for me as his daughter, inspite of his own parents making differences between women and men in their wills. However he did not realise that the brother would try his macho bullying tricks many years later. But I am well equipped to take on bullies.
Infact I saw a letter signed by my mother agreeing to rescind all her legal holding on my maternal grandfather's property when he died. It shocked me as my parents never made any such distinction. She explained very matter-of-factly that girls got dowry’s and went to the man's house for the rest.
But over the years my parents saw that my husband and I were always there for them and it was only when I went to study that the equations changed. My parents realised my spouse was weak and I had three boys to bring up with hardly any money. So, thankfully they left everything equally to us all.
So what does an executor do? Why is an executors position so important when disposing of a will? My lawyers, Vivek Britto, Nimisha Kumar and Jadgeesha KN, my perky and smart criminal lawyer took time to explain and show me the importance of the role. Sadly, even the Bank Manager had to be rapped on the knuckles by the RBI Ombudsman and her Legal cell, as she had been sidetracked by my sister and my brother's accountant. They are lucky I did not take a more serious view of them, impeding my request with a bossy ‘no’. Lawyer Vivek said an executors role is very special and when he spoke about it in the HC the judge lauded him for his stand.
An Executor is the person who disposes of or oversees the settlement of the assets of the deceased person in accordance with the wishes of the deceased testator, as enumerated in the Will. The executor derives the powers to dispose of the estate of the deceased testator in terms of the Will. If there are two executors, there are two minds incharge, so, if one is unreliable the other keeps the dangerous one in check.
This is how you can ensure that your loved ones receive what is rightfully theirs after your passing. Drafting a Will is perhaps the most effective way to do this. However, it is critical to appoint the right executor.View which of your children are honest with strong ethics and plan in advance. Start by deciding whether you want to opt for an individual or several. Thankfully my parents were not ignorant of my sibling’s greedy desire to acquire it all and put my name in first.
In India, it is common practice to appoint family members or friends as executors. While this is understandable, executing a Will is not easy. It takes time and involves a lot of effort, especially if the assets are large and spread across different areas.
If the estate is simple, restricted to financial assets and real estate, with joint holdings and nominations already in place, and if the family members are amicable, one could choose to have an individual executor. For a complex and large estate, it may be prudent to appoint a corporate executor or several children. I thank God my father and mother put my name in or we would have lost it all.
Here are some good points off a website --- The duties and responsibilities of an Executor
Meeting of funeral expenses from the estate left by the testator.
Obtaining the death certificate of the testator.
Interpretation of the will in the right manner and distribution of assets to the correct beneficiary.
Drawing up an inventory of the assets to be sold or disposed of.
Expense management for all the properties until the disposal of the same.
The official evidence of the executor’s authority is mandated by law.
The settlement of assets as directed in the will.
Maintaining records of all transactions.
I never understood the advantages of having an Executor, but I do now.
Beneficiaries shall be ensured of proper handling of the property.
If the executor is appointed in time, it shall save time and money and shall prove to be advantageous to the beneficiaries.
Many cases have been pending in courts due to family disputes which can be avoided by appointing an executor who will be neutral and fair in his dealings. I guess that depends on the executor.
