Executor of wills Estate
The person who draws up a will has decided who will inherit, and often also what the various heirs will inherit. The testator will also want the distribution of the inheritance and the execution of the estate settlement to proceed as smoothly as possible, and to be carried out exactly as he or she has decided. Many people want a specific person to be responsible for implementing the provisions of the will – a so-called executor.
The testator has the right to decide this, cf. Section 99 of the Inheritance Act. The testator may then include in the will who is to be the executor. The executor is then considered to have the necessary authority, and the probate certificate will state that the person has been appointed.
Advantages of executors
In many cases, the lawyer who assisted the deceased with their will is appointed as the executor. This is practical, as he or she is already familiar with the deceased's wishes and does not need to spend much time familiarizing themselves with the case. A lawyer who works with inheritance should also have a good knowledge of what needs to be done in the estate settlement.
An executor will also be able to cooperate with the heirs on the execution to a greater extent than a publicly appointed administrator. This means that such a solution is often less expensive than applying for public administration.
It may also be advantageous for the heirs to have a common representative who takes care of all the practical matters and who has no personal interest in the estate.
The testator may appoint one of the heirs to be the executor of the will, but this should be someone who has a good overview and the trust of the other heirs.
What does the executor do?
It is particularly important to quickly obtain an overview of the assets in the estate, and not least the debts. Consideration should be given to issuing a public notice before the heirs take over the estate for private administration. Even if there is an executor, it is still the heirs who assume responsibility for the deceased's obligations and debts. Executors are only responsible for settling the estate and ensuring that the heirs receive what the testator has determined.
The executor must identify all heirs and who is to receive what. Furthermore, the assets must be valued.
In the case of estates, it is important to cancel and terminate agreements, ensure that the home and property are insured before sale or before any heirs take over, have assets valued, etc. It is also necessary to ensure that the deceased's obligations are fulfilled, such as tax claims and often also payment of outstanding expenses to institutions, if the deceased lived in a nursing home, etc. The executor must also ensure that tax returns are submitted and advance tax assessments are made for the estate itself.
It should also be determined whether the deceased has any insurance policies that may pay out due to their death.
Executors should keep accounts.
Private or public change?
As mentioned above, an executor can be more flexible and handle the estate in a somewhat smoother manner than in the case of public administration. There is no need to prepare lengthy reports for the court, and the costs are lower.
However, the testator may also decide that he/she wants the estate to be administered publicly. The testator may then also decide who is to be appointed as administrator.
The heirs must accept the testator's decision regarding the executor. However, this does not apply to the testator's descendants and spouse. Cohabitants who have inheritance rights under the law may also object to the appointed executor. In practice, this will often result in a request for public administration.