A deceased estate consists of all the assets and liabilities which a deceased person leaves behind at his/her death.
Have a family member, friend or client who sadly passed away?
What you must know:
A deceased estate consists of all the assets and liabilities which a deceased person leaves behind at his/her death.
The administration of deceased estates is the process of winding up the affairs of the deceased and ensuring that the stipulations in the will are carried out correctly.
The procedure which must be followed to administrate a deceased estate is prescribed by the Administration of Estates Act, 66 of 1965 (as amended). If a person dies without a will, the Intestate Succession act 81 of 1987 comes into operation, and the distribution of the estate is made according to the provisions of the Act.
In case of death what happens then?
The estate of a deceased person must be reported at the Master’s office within 14 days from date of death. The person nominated to administrate the estate (the Executor or his/her agent - normally a lawyer, accountant or surviving spouse or family member) reports the estate at the Master’s office in whose area of jurisdiction the deceased was resident at the time of his/her death.
The process of administration: On receipt of the Letter of Executorship, the executor arranges the publication of a notice to creditors in a local newspaper and government gazette, inviting them to submit any claims against the estate, within 30 days. Within 6 months of the issuing of the Letter of Executorship, the executor must submit an estate account (liquidation and distribution account) to the Master. This account gives effect to the wishes of the deceased in his will (or the laws of intestacy). Once the Master approves the liquidation and distribution account, the executors will advertise the account and if no objections are received within 21 days, proceeds to pay out the heirs and beneficiaries and transfer the properties. Complex estates may take longer to complete.
