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Why appoint an executor?
If you do not name an executor (formerly executor of a will) in your will, your next of kin will handle the inheritance together. This responsibility often leads to tensions. Therefore, appoint a professional as executor for the settlement of the estate. This way the heirs can mourn in peace.
The benefits at a glance
- You can be sure that your wishes will be carried out
- You avoid conflict situations between the heirs
- Your estate will be handled faster and more efficiently
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The tasks of an executor
The executor carries out the wishes set out in the will and administers and distributes the estate. He or she acts on behalf of the heirs and may have the following responsibilities such as the:
- organise a funeral
- handle administration. Think about paying outstanding bills, cancelling subscriptions and informing insurers.
- inventory and pay off assets and debts.
- preparing income tax and inheritance tax returns
- Arrange for the issue of legacies, the sale of assets and the distribution of the estate
The executor is obliged to keep your heirs properly informed about the state of affairs.
When to appoint an executor?
It is always wise to appoint an executor. Especially in these situations:
- the heirs cannot be executors because they do not meet the conditions
- the heirs are not in agreement or are strangers to each other
- there are many heirs, possessions, assets or a company of your own
- the will contains many bequests
In addition, a large group of people appoint an executor because of the convenience and assurance that the estate will be handled properly.
3 types
- The funeral executor (1 star) arranges the funeral.
- The administrator (2 stars) manages the estate.
- The executor-settlement administrator (3 stars) has the same duties as the administrator and may also divide the estate and sell assets.
Who can you name?
Both individuals and legal entities can be executors. This means that you can, for example, appoint a family member, trustee, notary, tax consultant, accountant or foundation. It is always good to consider whether the person has enough time. And whether they have fiscal and financial insight.
Who are excluded?
Minors and incapacitated persons cannot be executors. This also applies to people who are under administration, have been declared bankrupt or are in debt restructuring.
Appoint Habermehl as executor
Many people choose to appoint an advisor in executor because they:
- keeps an overview and is neutral
- is familiar with what needs to be done
- know the correct order of business
Looking for an executor? Contact us and find out about the possibilities.
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Have you considered an endowment plan?
If heirs inherit your assets in a lump sum upon death, they will pay relatively high inheritance tax . You can avoid this by starting a tax-free gift during your lifetime. Our advisors in naming executors will be happy to show you the advantages and possibilities.
Facts and figures about Habermehl
Over 1,000 individuals and businesses rely on us for tax advice
Customers rate our services with a:
4.7 out of 5 (source: Google)
Quality guaranteed: we are a member of the Dutch Association of Tax Advisers
Continuing education through PAOB, the Postgraduate Education in Tax Science
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What can we help you with?
You can reach us at (035) 628 5753 or info@habermehl.tax. Do you prefer us to contact you? Fill in your details and we will contact you as soon as possible.
