While the appointed executor is usually the spouse or sibling, it is advisable to appoint a licensed corporate trustee because it is perpetual, accountable, transparent and has the expertise in the execution of wills. A corporate trustee would be the custodian of all the assets of the estate and would perform the duties of an executor in accordance with the law and wishes of the testator as stated in the will. The appointment of a corporate trustee provides certainty.
On the other hand, an individual is mortal, may not know what to do and may not have the time or the energy to carry out his role. It is a tedious task and many are not aware of their responsibilities. Learning the process of will execution along the way, they take more time than necessary in getting the will executed and wealth distributed.
In many cases, the next of kin have no knowledge about the existence of a will or that they had been appointed as the executor or do not know where the will is kept. An unprotected will is just as good as having no will at all.
When a corporate trustee is appointed, usually the testator is given an asset inventory book to list down all his assets which he will keep himself, and custody cards, one for the testator himself and one for his executor.
Therefore, the executor knows whom to contact in the event of the demise of the testator.Social tagging: Corporate Trustee