WHAT IS AN ESTATE?
An Estate is a person’s net worth at any point in time and thus the sum of a person’s assets less all liabilities. Life has a beginning and an end and an Estate arises on a person’s death
The administration of estates is a specialised area of law and it is common practice and advisable for persons who find themselves nominated as executors in a will, and who are not experienced in the administration of estates, to appoint an agent, such as an attorney, to act on their behalf.
This article outlines the basic steps to be taken in order to liquidate an estate and distribute assets to the respective heirs.
REPORT DEATH AND LODGE WILL WITH THE MASTER OF THE HIGH COURT
The death of any person is reported by completing the prescribed notice form and lodging same within fourteen days of the occurrence with the Master. The surviving spouse or where there is none, the nearest relative usually report the death. The person who, at time of death (or immediately thereafter) is in control of the premises where the deceased died may also report the death. Any person who has in his possession any document purporting to be the will of the deceased must, as soon as the death comes to his knowledge, deliver the document to the Master.
ISSUE LETTERS OF EXECUTORSHIP
An executor is an individual appointed to administer the estate and his main duty is to carry out the deceased’s instructions in terms of the will. The executor has authority to act only upon receipt of his Letters of Executorship from the Master, which entitles him to administer all the assets of the estate within the Republic of South Africa.
ADVERTISE TO CREDITORS AND LODGE CLAIMS
After lodging the preliminary inventory detailing the immovable and movable property, as well as claims in favour of the estate, the executor must advertise to all creditors in order for them to lodge their claims against the estate. These claims must then be investigated by the executor and if accepted, included in the Liquidation and Distribution Account (“the L&D”). The executor must determine the solvency of the estate (in other words, determine if the estate is able to pay all its debts) and, if provided for in the will, liquidate the estate in order to provide for payment of the creditors.
LODGE L&D WITH MASTER
The executor must, within six months after issue of the letters of executorship lodge the L&D account with the Master, which includes all assets and liabilities of the estate, as well as the distribution to the heirs. If there are valid reasons for a delay in lodging the L&D, such as disagreements between family members of the deceased, the Master will grant an extension. The Master will, upon lodgement of the L&D account, scrutinise same and issue a questionnaire to the executor, should it be deemed necessary. The executor is obliged to answer any such questions to the satisfaction of the Master.
MASTER’S APPROVAL, PAYMENT TO CREDITORS, HEIRS AND LEGATEES
Upon the Master’s approval of the L&D account, same must lie for inspection for a period of 21 days at the Master’s office, as well as the nearest Magistrate’s Court. In the event that any written objections are received, they must be attended to by the executor as prescribed in the Act. Upon resolution of any objections, or if none are received, the executor may proceed to make payment to the heirs and transfer assets in terms of the will.
CONCLUSION
Greeff Attorneys has a dedicated estates department, specialising in estate planning, the drafting of wills and administration of deceased estates. In most cases the delays in administering a deceased estate is due to a poorly drafted will and/or inexperience on the part of the executor.
Hello there
I’m the daughter of Elsabe Finch. She passed away 2 years ago. My mums sister is the power of her estate. Apparently the estate has been settled.
My question is?? To who?
I live in Australia and my brother in South Africa. I can’t get any answer from my aunt ( Mathilda van der Merwe). Can you please provide insight?
Kind regards Cara Van Staden
Hi Cara
Please send an email to info@greeffattorneys.co.za.
Please include the following information:
Contact number and email address of your aunt;
Your mother’s ID number and any documents or correspondence relating to her death and her estate.
We will then be in a position to get you some answers.
My siblings are now disputing that they agreed to this.. I have been staying at the property and my sister has a home of her own. My brother is staying at his late father’s how where they have all grown. The only people who has staying at that disputing property was my 2 younger siblings my stepfather and myself. Ok
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
How long does a disease estate take my wife father passed away 3years ago and we still wait for our lawyer, how will we know wen the funds are available /will from masters office, will they send us a letter or will our lawyer contact us.
Good morning.
My sisters husband passed away 5 years ago his brother in law an attorney was named executor. To date the estate has not been finalised. He to date has never lodged an L & D account never followed any procedure according to law and has sold everything and simple says there was no money. It is not about that there was a storage unit with their goods in and my entire household he has in the last year after numerous requests to release my goods sold everything and says it is in lure of the estate. During the psst 5 years he would simply reply we are stupid. Please can i have your advise. Many thanks. We have asked the Master of the High court to look into it but nothing to datd.
Dear Cheryl, please book a consultation with one of our attorneys. We would gladly assist.
Dear Gerald, please book a consultation with one of our attorneys. We would gladly assist.
Hi, my brother just passed away and my father and his wife have gone down to take possession of his car & property/organised his cremation; all without proper consultation with the mothers of my brothers 2 minor children(one of which is his ex-wife) How do they lay a claim on his estate for the kids? He has a 5 year old and a 12 yr old
My Dad was a 40 year employee of Standard Bank and 24 years on pension.
Standard Bank is the nominated executor, however they have messed up on the estate they applied for executorship using the incorrt information regarding the properties.
They listed a supervisor as my dad’s relitive.
The property ceiling has collapsed and the houses roof is also collapsing. I I formed the bank 4 days before it happened.
They send evaluators to the house these people wanted to evaluate things that don’t exist assessing furniture and so on. I informed the man that some of the items belonged to me.
Todate I have had no feedback on the queries and questions asked. I’m ignored and shoved aside.
I was my dad’s care giver for 6 years since my mom passed
I humbly request advise
Good day Greeff attorneys
My case is a bit complicated for me to understand. My late mother appointed a executor through Goodall & Bourne funeral co. But recently I found out she has not registered or reported my moms estate to Master of the high court. Mom past away 2019 January and left her house to me and my twin brother who is chronically mentally ill. I am not in the position to take care of him and also it is not safe to live with him with my two young kids as he is very domineering and was already violent with myself and my then 12_year old son. I want to sell the house and he is adamant to live in house. I know for sure mental health department can supply him with legal help to deal with his share if inheritance l. In my moms will she stated if the initial executor didn’t comply with duties I am appointed as second executor. Am I forced to stay here and not sell because his mentally I’ll or can I request to sell and we can both move forward in our own direction. I really need to move forward with my kids as the environment he has created for my kids here is not stable, negative and not normal. Please help.
Veronica (veronicawillemse10@gmail.com)
I have as a benifciary been left in a deceased person. All the loose assets and the car. Can the executor stop this or hold it back from me.
Can I claim medical aid contribution from my parents estate
should an L&D account be lodged at the magistrates office as well as the master?
My mother did passed away in 2011and her husband sell the house and told us that went we 21of age then we will get money but we are over 21and now his gone he was your stepfather i am oldest and i have all of my late mother papers just not her I.D but all the other important papers can you help me please.Anthea Mei
Call number:0658494540.Thank you
My Husbands Grandmother passed away in July. Her sons have all the details for her will and their daughter has signing rights to the bank account. As of the moment it seems that her death has not been reported nor the will dealt with. Will my Mother in Law be held responsible for any wrong doing.
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team
Hi there, please send us an email so that we can get more information from you.
info@greeffattorneys.co.za
Kind regards
The Greeff Attorneys Team