WILLS & DECEASED ESTATES
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WILLS
IMPORTANCE OF A WILL
- A valid will determines how your assets will be distributed to your heirs upon your death. This includes immovable property, furniture, jewelry etc.
- Nomination of a reliable, knowledgeable and trustworthy executor.
- Appoint a guardian who will take care of your minor children.
- Stipulate any other wishes i.e burial or cremation preferences.
- A validly drawn will prevents family drama and disputes.
- Avoid unnecessary delays and expenses in the administration process.
WHEN SHOULD A WILL BE AMENDED OR REVIEWED?
Your will should be reviewed upon any significant and life changing events such as the death of a loved one, the birth of a child, marriage, divorce, increase in assets and property, death of an executor, guardian or trustee.
REQUIREMENTS FOR A VALID WILL
- All persons 16 years or older are competent to make a will
- All wills must be in writing
- Must be initialed on each page and signed by the testator and two competent witnesses
- Must be fully dated
- Decide who should be the executor
- If you are the sole guardian of your minor child, indicate who should be appointed as the guardian of your child after your death
- Ensure that you original signed will is kept safe as the original is required to be submitted to the Master of the High Court upon a person’s death. A copy of a will is not deemed a valid will
WHAT HAPPENS IF YOU DIE WITHOUT A WILL?
If you die without a valid will, your estate will devolve according to the Intestate Succession Act and the heirs you would have liked to inherit may not be entitled to benefit from your estate.
DECEASED ESTATES
LETTERS OF EXECUTORSHIP
The nominated executor must report the deceased estate to the Master of the High Court. If the gross value of the estate exceeds R250 000 then the Master will issue Letters of Executorship. If the gross value of the estate is under R250 000 the Master will issue Lettes of Authority. The executor or representative is responsible for ensuring that the full administration process is completed.
DOCUMENTS REQUIRED
The following documents must be completed and submitted to report the DECEASED estate:
- Death Notice (J294)
- Inventory (J243)
- Affidavit
- Declaration of customary union
- Declaration of subsisting marriages
- Next of Kin Affidavit
- Nomination of Executor
- Masters Direction (J155)
- Acceptance of Trust as Executor (J190)
- List of creditors
- Estate Power of attorney
The following certified copies also need to be submitted together with the above:
- Executor’s ID
- Deceased ID
- ID of surviving spouse
- ID copies of beneficiaries
- Marriage certificate
- Death certificate
- The original will needs to be submitted.
ESTATE ADMINISTRATION PROCESS
The administration of a deceased estate takes between 6 to 12 months to finalise.
Step 1: Time of death
The family obtains the death certificate, ascertains if there is a valid will, and obtain the deceased’s paperwork and documentation.
Step 2: Preliminary meeting with the next of kin or nominated person to
Hand over the original will (if any)
Get an indication of all assets and liabilities in the estate
Obtain details of all beneficiaries
Complete the necessary documentation required to report the estate to the Master of the High Court to obtain Letters of Executorship
Step 3: Application for appointment as executor
The Master of the High Court issues the Letters of Executorship appointing the nominated executor to attend to the administration of the estate. This can take up to eight weeks to obtain.
Step 4: Advertisement to creditors
Once the original Letter of Executorship are obtained, the estate is advertised in the government gazette and local newspaper.
Creditors have 30 days to lodge their claims against the estate.
Step 5: Draft the Liquidation and Distribution account
The Liquidation and Distribution account of the assets and liabilities of the estate is drafted.
Tax returns for the estate are submitted to SARS.
The account shows a list of all assets, liabilities, distribution to the beneficiaries as per the will, as well as income & expenditure incurred after the date of death. The executor has to lodge the account within months of obtaining the Letter of executorship.
Step 6: Approval of the Liquidation & Distribution account
The Liquidation and Distribution account is lodged with the Master of the High Court for approval.
Once the Master of the High Court has perused the account, permission will be granted to advertise the account as lying open for inspection.
An advert must be placed in the Government gazette and local newspaper which must lie for inspection for 21 days.
Anyone with an interest in the estate can inspect the account during this period and lodge any possible objections with the Master of the High Court.
Step 7: Distribution of estate assets
The executor obtains the compliance letter from SARS.
The executor pays creditors, distributes assets to beneficiaries, and ensures that the immovable property is transferred.
Step 8: Final filing slip
The executor provides the Master of the High Court with proof that all creditors have been paid, all assets distributed, awarded or transferred in terms of the Last will and testament and Liquidation and Distribution account.
The executor obtains the final filing slip from the Master of the High Court confirming that the estate is finalized and the duties of the executor are discharged.
PROPERTY IN A DECEASED ESTATE
One of the key differentiators in our business is the knowledge and understanding of our focused target market. With the firm’s director having first-hand experience in the traumatic loss of a loved one coupled with the complexities of winding up an estate, we identified a niche in deceased estate conveyancing.
Our business is geared toward ensuring that immovable properties within deceased estates are dealt with in record time, thereby providing families with the closure and financial sustenance they are entitled to receive from such estates in a challenging economy. The firm thus actively innovates and contributes to creating a smooth and burden-free process that alleviates the additional pressures that families experience when a loved one passes away and provides them with the necessary closure