Page 14 - Bespoke EPG 2017 Digital

■■ A person can sign as a witness from the age of 14 years, provided that at
the time of signing as witness, he was not incompetent to give evidence in a
court of law.

The importance of nominating the executor and trustee
■■ Where there is no valid Last Will and Testament, there will be no executor

appointed. This means that the Office of the Master of the High Court
will require nominations from interested parties, and, based on these
nominations will appoint an executor ‘dative’. The procedure may cause a
delay in the winding up process, perhaps creating unnecessary hardship
for the family. In addition, the Master may require the executor to provide
security –which may create an unnecessary cost for the estate, and a further
delay in having to raise the security.
■■ Normally a family member or professional person such as an accountant
or attorney is appointed as the executor and / or trustee. Where a layman is
appointed, the Master may require a certificate by an accountant or attorney
stating that they will assist with the administration of the estate.
■■ The testator can describe the executor’s powers in the Will, and provide that
he may be exempted from providing security.
■■ The executor or trustee may benefit under the Will (there is usually a clause
to this effect).
■■ It is recommended that the executor be granted the power of assumption,
which will entitle him to appoint another executor should the need arise.
■■ An executor is entitled to the following remuneration:
◆◆ The remuneration fixed by the deceased in the Last Will and Testament, or
◆◆ 3,5% of gross assets
◆◆ 6% on income accrued and collected from date of death
◆◆ Executor’s remuneration is subject to VAT where the executor is registered

as a vendor.

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