Deceased Estate Administration Process:
- From reporting the estate to finalization, 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, only then 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, if applicable;
- 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 in terms of section 35(12);
- The necessary proof will be sent to the Master, whereafter a filing notice will be issued, confirming that the estate has been finalized.
The normal fee for the administration of a deceased estate amounts to 3.5% of the gross value of the estate, as well as at 15% VAT thereon. The total administration fee amounts to 4.025% on the gross value of the estate.
- We believe in negotiating administration costs;
- 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), as we are qualified in both fields.