Mcgregor
Who is an executor? -
An executor is a person appointed by a testator/testatrix (person who left the will) to deal with the assets and liabilities of the estate. The general functions are to pay debts, collect assets and distribute gifts in accordance with the will.
When does the executor's job begin?
As soon as the testator/testatrix dies, the executor 'steps into his/her shoes'. The executor is at liberty to seize and take in hand anything which belonged to the testator/testatrix, pay or compromise debts and commence proceedings in court. (This also means that the executor can be sued.) However, if the executor brings an action in court on behalf of the estate, he must obtain a grant of probate, so that the document can be produced in court at the trial.
How much time is the executor allowed within which to execute a will?
The executor has one year from the date of the death of the testator/testatrix within which to carry out his function. However, he is allowed to complete the task if it does not get done within the year.
What is the next step after probate is granted?
The executor must insert a publication in one of the two daily newspapers announcing the death of the deceased and inviting creditors to come forward and make their claims against the deceased's estate.
How much time is a creditor allowed to make his claim?
A creditor is allowed to make a claim within six weeks after the date of the publication in the newspaper.
Is the executor allowed to distribute assets during this period?
No. The executor must wait for the six-week period to expire before distributing assets to beneficiaries. In fact, the executor is obliged to pay all debts before commencing the distribution of assets.
Is the executor responsible for the debts of the estate?
An executor is not required to use his personal resources to satisfy the debts of the estate. The money to pay debts or other expenses should come from either the estate or the beneficiaries. However, he is answerable to creditors and the government for all sums due to be paid by the estate. In fact, if the estate fails to pay taxes, the executor may be summoned to court and could face criminal sanctions if taxes are not paid.
Sherry-Ann McGregor is a partner and mediator with the firm Nunes, Scholefield, DeLeon & Co. Send feedback and questions to lawsofeve@yahoo.com or Lifestyle@gleanerjm.com.
Now that most of the excitement surrounding the 2007 General Elections is almost behind us, it is only proper that we revert to the core business of this column - to provide you with information regarding legal matters of general interest to you.
One reader asked a number of questions about the role of an executor. The questions and answers are below.
