Deceased Estates Administration
Deceased Estates Administration
Face-to-face consultations are infinitely more reassuring than dealing with a call centre or a new person each time you have a question.
We aim to provide that personal touch during a time when emotion is high and all you really want is someone who will listen and explain what is happening, in the simplest term
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Here are a few reasons why you can trust us with the Administration of your Estate:
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Our practice is in good standing with all Master’s offices.
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Through solid partnerships, we are able to provide security at the Master’s request.
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We have built a professional network of hand-picked service providers to assist us with related services including but not limited to auctioneers, appraisers of the High Court, and bookkeepers.
Frequently Asked Questions about Conveyancing
Transfer of ownership of an immovable property involves more than a signature on an Offer to Purchase or the payment of the purchase price. Conveyancing is the legal process of obtaining ownership of immovable property as well as the registration of mortgage bonds and other rights to immovable property. The conveyancing process begins with the Offer to Purchase and continues through to the registration of ownership in the Deeds Office.
Here are a few frequently asked questions we receive from sellers and buyers. This will provide you with more clarity regarding the process and give you a better understanding of what is required:
Your estate consists of all your assets (property, cash, shares, investments, motor vehicles etc.) and all your liabilities (debt).
Your family still needs to report your estate to the Master. The Master will issue a letter confirming that your estate was reported but that you don’t have any assets. This letter will be sent to the creditors (companies you owe money to)
This question does not have an actual answer but rather a guide to the time frame. On average it will take 7 to 18 months to finalise the estate however, there are exceptions.
Municipal clearance amount is the amount that the municipality charge when a property is transferred. The municipality usually charges anything from 3 – 6 months in advance. This is calculated by them and is provided to the transferring attorneys when same is applied for.
Executor’s fees are given in terms of the administration of deceased estates act. Currently the fee is 3.5% on the gross value of the estate. This is the fee the executor charge to wind up the estate of a deceased person.
When an executor is needed, the family may discuss this with the appointed executor directly. Executor’s fees are negotiable at his / her discretion however, the law does provide for the executor to charge the 3.5% of the estate value.
Yes, there are. These expenses depend on what is applicable in the estate and include:
- Basic administration expenses which include the master’s fees, the 2 advertisements that need to be placed, bank charges, postage and petty expenses etc.
- Transfer fees and rates clearance amounts if there is a property.
- Tax consultant fees if there are outstanding taxes.
- Administration fees if there are shares that need to be transferred.
These are just a few but your executor should be able to discuss this with you in more detail.
Yes, as an heir you will have to consent to the sale of the property. The executor or the transferring attorneys will request this from you. You will also have to consent to anything that happens in the estate for example – transfer of shares, sale of motor vehicle etc.
Yes it can, however, there are certain procedures that will have to be followed. The executor will explain the exact process to the heirs.
This means someone raised a query either at the Master’s office or at the Magistrate’s court in which the Liquidation and Distribution account was advertised. This can be either a creditor or heir. The objection means either they are not happy with the contents or their claim (creditor) was not included in the account
This is basically a summary of the deceased’s assets and liabilities in a template. The amounts reflected in the account are obtained at the date of death of the deceased.
When this happens then there is a cash shortfall in the estate. This does not mean the estate is insolvent. What the executor will request from the heir is to either pay in the cash shortfall or request permission to sell the asset/s to obtain the cash in the estate.
An estate is insolvent when the assets (all property, motor vehicles, cash etc.) are not sufficient to pay all debts. This is more than a cash shortfall. Where there is a cash shortfall it means that there are still more assets than liabilities.