How Much is Executors Fees in Namibia?

How Much is Executors Fees in Namibia?

Who is an executor?

An executor is an individual with the authority to see that they execute the estate of a deceased person according to the deceased’s last wishes. The executor follows through with everything clearly stated in the will.

What is the role of the court in a deceased’s will?

The Master of the High Court helps in the administration of decedents. They provide letters of executorship, as well as approve and supervise an administrator during their term.

On its own without the right knowledge and competence, it is hard to reach the full potential of an executor. Therefore, the Master is often hesitant to appoint someone who has not been trained to take on the responsibilities of an executor, instead opting for professional help.

Family members who have lost a loved one struggle with making financially sound decisions. Often they aren’t emotionally prepared or able to decide properly, and they often find the process stressful.

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What does an executor do?

The executor has two main responsibilities: to interpret the wishes of the deceased person and to manage a property sale. They must protect any assets that might not be sold, especially those belonging to minors who will inherit them.

They hold up all their responsibilities, such as handling the estate’s debts and registering a trust.

All the assets of a deceased person’s estate are usually distributed to the heirs appointed in their will.

How much is the executors’ fees in Namibia?

The executor’s fee is usually determined by statute and can vary. Even if you’re planning for something like this, it’s always important to remember that such expenses should be part of your overall financial plan.

The executor can sell the company’s assets to recover the remuneration owed.

The executor’s fee for an estate value of N$5 million may be calculated as follows:

N$5,000,000-00 x 3, 5 /100 = N$ 175,000

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N$7,000,000-00 x 3,5 /100 = N$ 245,000

N$10,000,000-00 x 3, 5/100 = N$ 350,000