WILLS & ESTATES
WILLS AND DECEASED ESTATES
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We have a right to decide who will inherit our property and personal belongings once we are no longer here. It is very important to have an attorney who can draw up your Will that is legally valid, binding and enforceable, while you are still of sound mind. This can prevent family feuds and ensure that your beneficiaries in your Will are in accordance with your wishes. Failing to plan is like planning to fail.
In South Africa, if you pass away without a valid Will, the Intestate Succession Act will determine who your beneficiaries are and how your Estate will be divided amongst them.
DECEASED ESTATES
WHAT IS A DECEASED ESTATE
When a person passes away and leave behind money and assets, a Deceased Estate comes into existence. If the deceased left behind a valid Will, the Deceased Estate will be administered in accordance with the Will. If the deceased passed away without a valid Will, the Estate will be administered in accordance with the Intestate Succession Act.
STEPS TO REPORT A DECEASED ESTATE
- Deceased Estates must be reported to the Master’s office within the jurisdiction of the deceased person within 14 days of date of death.
- An executor is then appointed by the heirs if an executor was not stated in a Will. An attorney can also be appointed as executor of a Deceased Estate.
- An Estate that is less than R250 000.00 will receive Letters of Authority and an Estate over R250 000.00 will receive Letters of Executorship.
- The Liquidation and Distribution Account is then drafted and sent to the Master’s Office for approval.
- Once approved by the Master’s Office, the Estate will be distributed to the beneficiaries.
- The Estate is wound up and the executor will be discharged.
DOCUMENTS THAT WE REQUIRE:
- The original Death Certificate;
- A Certified Copy of the Identity Document for the deceased and executor;
- Marriage Certificate if the deceased was married;
- The Will of the deceased;
- List of deceased’s assets and liabilities.
FUNCTION OF THE EXECUTOR:
- To collect the assets for the Deceased Estate;
- To settle the liabilities of the deceased;
- To close the deceased’s bank accounts;
- To make payments toward the deceased’s creditors;
- To transfer or sell the deceased’s property.