Death of a loved one is the most painful experience. we suffer in this life and the added, often overwhelming responsibility of administering the Estate hinders the very necessary process of grieving. This complicated process is better left in the hands of a competent, caring and compassionate professional who will wind up the estate as efficiently as possible , ensuring you and your family peace of mind regarding this aspect of your loss. If you fi nd yourself in need of such assistance don’t hesitate to contact us and we will administer or advise you on how to proceed in the administration of the deceased’s estate. We have compiled a summary of the processes involved and attempted to explain some of the intricacies involved in the administration of a deceased estate. There are two factors which will determine the procedure involved in administering the Deceased Estate:
1. Deceased has left a Will /not left a Will
2. The value of the deceased Estate is above /
below R250 000.00
3. If the deceased has left a valid will and has
appointed an executor, obtaining the Letters of
Executorship should be a straightforward process.
Notifying of the Deceased Estate
and
appointing An Executor
Even though the will of the deceased nominated an executor, the Master of the High Court must officially appoint the Executor by issuing a “LETTER OF EXECUTORSHIP”. The Master must be officially notified of the death. This is done by “reporting the estate” through the submission of prescribed documents. After examining the will (if any) and these documents and if satisfi ed with the validity thereof, the Master will then officially appoint the executor. Only upon receipt of the Letter of Executorship may the executor offi cially begin to administerthe estate
Appointing An Executor
Most of us understandably choose to appoint a trusted person as an Executor to administer our estate and implement our wishes after our passing. We might approach this very important decision in the same way in which we decide upon our Best man or God-parents.
However, when it comes to administering a deceased estate, expertise is necessary to liquidate
and distribute the estate in accordance with the requirements of the Administration of Estates Act
66 of 1965. Below is a brief overview of the Duties of an Executor (or appointed agent)
1. Reporting the Estate
2. (After obtaining Letters of Executorship)
Giving Notice to Deceased’s creditors and
debtors.
3. Submitting of fi nal inventory
4. Opening of Estate banking account
5. Determining solvency of the estate
6. Determining value of estate assets
7. Determining of estate liabilities
8. Selecting a suitable method of liquidation
9. Paying of estate liabilities by executor
10. Preparation and submission of liquidation
and distribution account by executor
11. Obtaining Master’s permission to advertise
account for inspection
12. Closing of Estate bank account after
obtaining consent from the Master.
A person who does not have the necessary skill to
administer an estate can:
a) assume a co-executor or
b) appoint an agent (attorney) to assist him/her.
When a deceased does not leave a will or does leave a will but the executor nominated therein has already passed away, an executor has to be appointed “datively”. The major benefi ciaries of the deceased must
propose and nominate an executor who the Master must confi rm. (However, it is not advisable
to appoint an executor “dative” as this may cause much valuable time loss to the detriment of creditors and heirs) therefore ensure that all your loved ones have a will drawn up). In the case of estates with a gross value of less than R250 000.00, the Master may waive official appointment of an executor to carry out the prescribed administration process. This process may take six to ten weeks.
Estates with a gross value of more than R250 000.00 time guidelines in terms of the Administration of
Estates Act:
• Notice of estate and appointment of executor:
6 – 10 weeks
• Preparatory work for compilation of
Liquidation & Distribution account 6 – 24
weeks
• Investigation of L&D account by Master
4 – 8 weeks
• L&D account for Inspection 4 – 6 weeks
• Finalization of the estate (after inspection
period and no Objections lodged) 4 – 8 weeks
• Total time (of an average estate) 6 – 13 months
Contact us Today
Address
10 Patrick Duncan Avenue
Florida Park
Roodepoort
PO Box 2396
Florida Hills 1716
DOCEX 16 Florida
Contact
+(27) 83 463 6750
charlene@goliathattorneys.co.za
info@goliathattorneys.co.za