Administration of Deceased Estates
Deceased EstatesWe assist with the reporting and finalizing of deceased estates which includes having us appointed as an Executor where the deceased has not appointed an Executor or does not have a will. Where the deceased has left a will, we assist the heirs and beneficiaries with the distribution of any property and assets in terms of the provisions of the will.
Appointment of an Executor
In estates where the assets are valued more than R125 000, or where the estate is insolvent, an Executor is appointed by the Master in whose jurisdiction the deceased was resident at the time of his or her death. This is normally the person named in the will as Executor, or if there is no will, the person nominated by the heirs. It should be noted, however, that if the Executor is a lay person, and not an Attorney, Trust Company or Accounting Firm, the nominated person, unless exempted by the deceased’s will, will be required to lodge security to the full value of the estate unless the person is the parent, spouse or child of the deceased.
The executor is entitled to the following fee:
- on the gross value of assets in an estate: 3,5%;
- on income accrued and collected after death of the deceased: 6%
- Provided that the remuneration in respect of any deceased estate shall not be less than R350.
The executor is also entitled to charge VAT on this fee, if he is registered as such, or if the agent appointed to assist in administering the estate, is registered as such.
If the original will of the deceased cannot be found
Where the deceased’s original will is missing or cannot be found, it is important to note that the Master will not accept a certified copy of a will. If the original will is not available, the estate will devolve according to the Intestate Succession Act, unless an application is lodged with the High Court calling for the acceptance of the copy of the will as a valid will and the High Court does in fact grant an order to that effect.