ADMINISTRATION OF ESTATES
21 Oct 2019
In the unfortunate event of a loved one passing away, the details of their estate need to be processed by the appointed executor in terms of the law and under the supervision of the Master of the High Court. During the administration process the deceased person’s debts are paid and the balance of his/her estate is awarded and distributed to the beneficiaries in terms of his/her last will and testament.
An executor must be appointed who is legally liable for the proper administration of the deceased estate.
The duties of the executor are as follows:
- Interview with relatives and related parties
- Reporting of estate and submission of documents
- Placement of Notices in news papers
- Opening and management of estate bank accounts
- Valuation of assets and liabilities
- Income tax returns – deceased & estate
- Drafting Liquidation & Distribution Accounts
- Selling of assets
- Interim maintenance payments to surviving spouse/children/beneficiaries
- Payment of estate liabilities
- Estate duty return submission & correspondence with SARS
- Addressing objections against accounts
- Transfer of assets to beneficiaries and closing of estate.
Because each individual’s assets, family wishes and circumstances differ, this process is highly technical and require professional expertise.
To administer this somewhat challenging administration process, we offer tailor-made services to provide support during this process. We could also assist in estate planning and drafting your will to ensure it complies to all the formality requirements and that your last wishes are carried out.