wills and estates
Deceased Estate Administration
The administration of the deceased's estate requires that all the terms of their last will and testament (if there is one) are carried out accurately. This administration process is in itself a highly technical process, and should the estate be worth more than R250 000 a professional will need to be appointed to complete the process. Even if the deceased did not have a last will and testament, and their estate is worth more than R250 000 a professional will need to administer the estate according to the intestate succession Act.
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deceased administration
Process to follow
Report The Estate
The nominated executor will need to: - meet with the family and complete the necessary documents; - report the estate to the Master of the High Court; and - notify the 3rd parties such as the banks, creditors and policy holders etc.
Advertisements For Debtors & Creditors
The estate must be advertised in the government gazette and in a local newspaper where the deceased was residing, calling on any debtors and creditors to prove any claims that they may have against the estate and/or come forward with any funds due to the estate.
Liquidation & Distribution Account
After the expiry of the section 29 adverts, the executor will need to draft the liquidation and distribution account for the estate. It will set out all assets of the estate and all liabilities to be paid by the estate and how the estate will distributed. The L&D account will need to be submitted to the Master.
Distribution Of The Estate
Once the Master has confirmed the L&D account, and obtained a certificate of no objection, the executor can distribute the estate according to the L&D account.
