As of: February 29, 2024, 6:15 p.m
By: Laura Hindelang
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An executor implements the testator's last wishes.
The person who takes over the office should be as neutral as possible towards the relatives.
Even if the estate is regulated in detail in the will, the division of the inheritance remains a demanding task.
Conflicts are often inevitable, especially in a hereditary community that consists of several people - sometimes from different generations.
An executor can provide relief.
His job is to manage the estate in the way the deceased, the testator, specified in the will.
He ensures that the assets are distributed as desired and, if necessary, can also act against the wishes of individual survivors.
An executor can prevent disputes
An executor is particularly useful in complex financial or family situations.
Particularly if there is a possibility that the surviving relatives in the community of inheritance will get into a dispute and disregard the testator's last wishes.
The
Wealth Center
particularly recommends having an executor for married couples without children or with a larger estate that includes, for example, real estate or a company.
An executor ensures that the estate is optimally managed and distributed in the interests of the testator.
© Shotshop/Imago
The law grants the executor extensive powers.
The heirs initially have no access to the estate, informs
Stiftung Warentest
.
Only when the executor assigns them their share can they dispose of it.
To do this, the executor must create an estate register in which he lists all of the estate's assets including any debts.
He is obliged to present this list to the heirs and thus provide them with an overview of the assets.
Civil Code (BGB) § 2205 Administration of the estate
“The executor has to manage the estate.
In particular, he is entitled to take possession of the estate and to dispose of the estate items.”
In addition, an executor has numerous other tasks.
He takes over administrative tasks from the heirs and takes care of all financial matters of the deceased.
According to the Asset Center,
he is
responsible, for example, for settling outstanding invoices or monitoring securities portfolios.
Anyone can become an executor
He also takes on bureaucratic tasks that the heirs would otherwise have to carry out themselves: he distributes legacies, prepares the inheritance tax return, terminates the apartment and contracts, has real estate valued - depending on the circumstances of the death, the list can be expanded to include further points.
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Basically, a distinction can be made between two types of will execution:
Permanent execution:
In this variant, the trustee is responsible for the estate for up to 30 years.
According to Stiftung Warentest,
this happens
, for example, if the person is supposed to manage the assets for minors or if the deceased leaves behind a company and wants to ensure that the heir only takes over management when he or she is sufficiently trained.
Liquidation enforcement:
The executor is only in office until he has divided the inheritance and ensured that everyone gets what they are entitled to in the end.
In this variant, the division of the inheritance should be carried out quickly and the community of inheritance should be dissolved.
The testator can choose any person or institution as executor.
However, the choice should be carefully thought out.
For example, it makes little sense to appoint an heir as executor because he or she has too much vested interest in the estate and would assume a more powerful position in the inheritance community.
A close relative or friend of the testator may also have a too close relationship with the relatives, writes the
Wealth Center
.
The best way to avoid disputes between heirs is to appoint a neutral executor, advises the
Network of German Executors.
This is best suited to mediate between heirs with the necessary objective distance.
In general, the office requires a very high level of care as well as decision-making, persuasiveness and assertiveness.
At the same time, an executor must be able to bring about agreement between quarreling co-heirs and find solutions that are acceptable to everyone.
Neutrality and specialist knowledge are particularly important
In addition, the executor should have sufficient professional expertise, i.e. be familiar with inheritance law as well as investments, taxes, real estate and insurance.
According to the Vermögens-Zentrum
, the best choice is
an independent institution that has the necessary specialist knowledge and experience in inheritance law matters.
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But professionals such as lawyers and tax advisors are also professionally qualified to deal with often legally complex issues quickly and correctly, writes the
network of German executors.
Stiftung
Warentest
also recommends naming a replacement if the desired candidate cannot take over the position.
According to the law, the executor is entitled to “appropriate remuneration” for his services.
How high this sum should be remains unclear.
If this is not specified in the last will, heirs should agree on the executor's salary as early as possible.
The table from the German Notary Association, for example, offers orientation.
It depends on the amount of the estate and the effort associated with the office.