Critical steps outlined for preventing setbacks for executors

In an online article, Mr See said the task of performing these responsibilities can be daunting for an executor, particularly where they are undertaking the role for the first time.

“It becomes more difficult if they encounter setbacks such as not being able to find the required documents or being given the wrong information and having to reconstruct information from scratch,” Mr See said.

“To avoid delay and what might become massive inconvenience and expense, it only makes sense to help your executors by ensuring they have access to everything they need when the time comes.”

One of the ways individuals can help executors prepare for their role is by ensuring they know where their originally executed last will and testament is and that it is up to date, he said.

“It’s important to make sure that it is up to date, no pages are missing and all pages are signed and witnessed,” he stressed.

“Your executor will need this document when they seek probate, so make sure they have access to it. For practicality, give your executor a certified copy of your last will and testament or at least tell them where they can find the document.”

Another document required for probate is an inventory of assets and liabilities of the estate, Mr See said.

“By preparing the inventory, your executor will have an easier time in preparing and lodging the application for probate,” he advised.

“Assets you may have include bank accounts, properties, shares owned in companies, automobiles, while liabilities include mortgage, utilities, mobile phone subscriptions.”

When listing assets, Mr See said it is important to ensure that assets are properly described.

“In the case of properties, for example, list down all your properties, indicating the folio identifier, address of property, and whether it is held by you solely or with another person,” he explained.

“For bank accounts, list down all the bank account numbers and names under which they are held.”

This list, he said, will need to be revised regularly whenever an asset is acquired or disposed or at least once per year.

Individuals can also help their executor by providing them with a list of contacts of professionals and advisers that they deal with.

“Your contacts can help your executor perform their responsibilities. For example, the solicitor whom you entrusted with the safekeeping of your originally executed last will and testament can give it to your executor and can possibly assist in applying for probate and administering your estate,” he stated.

“Then there’s your accountant, financial planner and life insurance agent.”

If any documents are lost or missing, it is easier to arrange for their replacement while still alive, rather than requiring the executor to do so after death, he said.

“This is especially true when it comes to title documents for real estate which are the most important documents your executor must have,” Mr See said.

“Without those documents, they will not be able to transmit the property to the beneficiaries. Instances when you may not have custody of the physical title documents include where they’re held by your mortgagee — even after the loan has been fully repaid — or simply lost over time and several house moves.”

Mr See also suggested providing a list of all online accounts together with login details to the executor so that the executor can close or continue using some online accounts.

Given that the estate will incur bills such as medical expenses, funeral expenses and legal fees, Mr See said it is best to ensure that the estate contains a cash account and to give the executor access to it so that they pay these bills and other expenses of the estate.

“Another time-consuming task undertaken by your executor is locating your documents. You can save their time by gathering all your important documents together and storing them in a safe place for easy access to your executor,” he said.

“The location of the documents should be secure and if possible protected from fire, storm and flood. Ideally, you would scan all the documents and create a parallel electronic safe so that if the physical documents are lost or destroyed, your electronic copies will be sufficient for your executor to administer your estate.”