How to undertake the administration of deceased estate
A deceased estate comes into existence immediately when a person dies leaving behind assets and liabilities with or without a Will. Tarwa Attorneys can assist you with the administration of deceased estate procedure.
A deceased estate is administered in terms of the Administration of Estates act 66 of 1965 (as amended).
The Master of the High Court is the custodian of the administration of any deceased estate. It is important to report the death of a person within 14 days at the Master’s office so that his assets can be safeguarded and the rightful beneficiaries can benefit from that deceased person’s estate.
There are forms that must be completed and signed by the person wishing to register the deceased estate called an Executor/Executrix.
The documents which should accompany the registration of the deceased estate are the following:
- Identity document of the deceased
- Death Certificate
- Original Will if any
- Marriage Certificate and / or Ante Nuptial Contract or Divorce Order
- Identity documents of Applicant & all parties nominating the Applicant
- All birth certificates and / or all Identity documents of beneficiaries
- List of all the deceased person’s assets and liabilities
- Death notice
The Master of the High court will appoint the nominated person and issue a Letter of Authority if the assets of the deceased are worth less than R 250 000. 00 or a Letter of Executorship if the assets of the deceased are worth more than R 250 000. 00
If the deceased estate is worth more than R 250 000 the Master of the High Court will require the Executor / Executrix to be assisted by an agent, who can either be an Attorney, Consultant who specializes in deceased estates or an Accountant.
When calculating the net worth of a deceased estate one must deduct all the liabilities from the gross value of the estate (Assets less Liabilities). The amount left (i.e the balance) will be what is available for distribution amongst all the beneficiaries.
The balance of the deceased estate is either distributed in terms of the Interstate Succession Act 81 of 1987 if the person died without leaving a will, or in terms of a Will if the person died leaving a valid Will which complies with all the formalities stipulated in the Wills Act 7 of 1953
After all the requirements have been met and all processes have been done as required by the Administration of Estates Act 66 of 1965 (as amended), the deceased estate will be finalised and wound-up and this may take between 6 -12 months if there are no complications.
If you have any questions or need any more information about the administration of deceased estate procedure, make an appointment with Mrs UM Tarwa at Tarwa Attorneys today on 013-752-6364.
