We examine the administration process to finalise deceased estates from the process and the costs involved with regards to deceased estates. Please forward any questions to email@example.com.
1. DECEASED ESTATES PROCESS:
- From reporting the estate to finalisation, the estate process takes approximately 4-6 months.
- The estate is reported to the Master of the High Court, who will in turn issue a letter of executorship, or letter of authority, depending on the gross value of the estate;
- Once in possession of the Letter of Executorship, the reporting process to all relevant institutions will commence;
- At this stage the Section 29 advertisement in the local newspaper, as well as the Government Gazette will be placed, which affords creditors the opportunity to lodge their claims against the estate, within a period of 30 days;
- After expiration of the 30 days and having received all claims against and in favour of the estate, then only, can the Liquidation and Distribution account be drafted;
- Once drafted, the Liquidation and Distribution account will be lodged at the Masters Office, where an examiner will examine the Liquidation & Distribution account, the examiner will then issue a query sheet, confirming that the second advertisement, the section 35 advertisement may be placed;
- The section 35 advertisement is then placed, in the local newspaper and Government Gazette, where all interested parties will be afforded the opportunity to inspect the L&D account and to lodge a complaint, should there be a complaint;
- The Master will then give instructions to the executor to distribute the assets. The assets will be distributed amongst the heirs and the liabilities paid;
- The necessary proof will be sent to the Master, where after a filing notice will be issued, confirming that the estate has been finalised, accordingly.
2. COSTS INVOLVED:
- The normal fee for the administration of a deceased estate amounts to 3.5% of the gross value of the estate;
- VAT is calculated on 3.5%, which amounts to 3.99% on the gross value of the estate.
3. OUR COSTS:
- We believe in negotiating administration costs;
- We are not registered VAT Vendors, our clients save 14% VAT on the total administration charges.
- We supply a free quotation on the admiration costs, as well as the transfer of properties in the estate;
- Why we are the preferred administrator – we supply both services (administration of the estate, as well as the transfer of properties)
DOWNLOAD: Information sheet