Deceased Estate Administration and The Role Of Executors Duties
The executor of a deceased estate will only receive authority to commence with the administration process after completion of the preliminary work and receipt of the Letters of Executorship from the Master. Section 35 of the Administration of Estates Act requires that the Liquidation and Distribution account be submitted within a period of six (6) months from date of the Letters of Executorship unless the Master has granted an extension. It is therefore very important to ensure that you as the executor conduct your services in a swift and accurate way.
The following is a brief outline of the correct sequence in the administration of an estate. It must be noted that there is a great deal to be done in between each process and professional assistance is always advisable.
How do Section 29 deals with notice which is to be given to the deceased’s creditors?
This is done by placing a notice in the Government Gazette and in a local newspaper circulating in the district in which the deceased ordinarily resides at time of his/her death. In the notice all persons with claims against the estate are called to lodge such claims with the executor within a period of not less than 30 days or more than three months from the date of last publication.
What is a Submission of final inventory?
( Section 27 inventory).
Opening of a banking account in the name of the estate in terms of Section 28?
As soon as the executor has in hand money in excess of R1000.00 he must open an account in the name of the estate. The aforesaid is good practice which will assist in proper bookkeeping and administration of the estate. Please also note that the administrator may also open an interest-bearing account in the name of the estate which will earn interest on the amount so invested.
Section 34 determination of solvency of estate?
The executor must satisfy himself as to the solvency of the estate. If he should find that the estate is insolvent , he will have to comply with Section 34. Please note that an estate is only insolvent if the value of all the assets in the estate is not sufficient to cover the liabilities in the estate.
How do you determine the value of an estate?
Determine value of estate which will assist in calculation of estate duty if any. For more info: https://www.vwhattorneys.co.za/contact-us/
How to determine estate liabilities?
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Selecting suitable method of liquidation and the payment of estate liabilities by executor.?
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Preparation and submission of Liquidation and Distribution account by Executor.?
This must be done within six months after Letters of Executorship have been issued, unless the Master extends the period. Further note that Section 35 has been amended to the effect that the executor no longer needs to submit vouchers in support of the L&D account. This will save on burdensome paperwork and time.
Obtain Masters permission to advertise estate account for inspection. ?
Such advertisement is to be placed in the Government Gazette and in one or more local newspapers.
Final requirements by Master which will range from proof of advertisement to proof of transferring of shares. ?
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The Master once all the requirements have been dealt with will issue a certificate which notifies the executor that the Master’s office has no further requirements regarding the estate and that the administration has now been finalised.
It is easy to see how complex and time consuming the process can be and it is therefore advisable to nominate an attorney who can not only assist you in the process but who can sufficiently guide you through the emotional and time consuming process. We at Voss Wiese Haggard Attorneys can do just that. We have the required experience and platforms to assist you in a speedy yet accurate fashion saving you time.
So please contact us today for your free consultation regarding the administration of your loved ones estate.
