What we do
Late Estate Management
As part of our Financial Services, we provide dead Late Estate Administration in South Africa. We handle the estate administration in line with the deceased’s Will or the provisions of an Intestate Succession, as well as any applicable laws.
We realize how difficult it is to lose a loved one, and how stressful it may be to wind up their estate. We’ll assist you in getting through this trying period by easing the strain of interacting with the legal system. Our expert estate administrator will keep in regular contact with you to guarantee a seamless transaction from beginning to end.
When a person dies, what happens to their estate?
When a person dies, his or her estate is frozen, and no one may remove cash from the deceased’s bank accounts or deal with any of the estate assets without the Master of the High Court’s approval. The joint estate is frozen if the deceased was married in community of property. This circumstance frequently causes difficulties for the surviving spouse, particularly if the bank accounts were all in the name of the joint estate or the deceased.
How to Deal with the Will of a Loved One
In the tragic event that a loved one passes away, the details of their estate must be correctly processed to provide your family with piece of mind. The administration procedure guarantees that all of the stipulations of his or her final will and testament (if one exists) are followed appropriately. Because each person’s assets, family desires, and circumstances differ, the procedure itself is extremely complex. As a result, the estate administration procedure typically necessitates the assistance of a professional.
Estate Administration
As part of our Momentum Trust services, we provide dead Estate Administration in South Africa. We handle the administration of the deceased’s estate in line with the deceased’s Will or an Intestate Succession, as well as any applicable regulations.
We recognize that the death of a loved one is a painful experience, and that the process of winding up their estate may be quite distressing. We will assist you in getting through this tough period by easing the stress of dealing with the legal process. Our estate administrator will be in regular contact with you to guarantee a seamless transaction from beginning to end.
The Process of Administration of an Estate
The Administration of Estates Act defines the administration procedure for estates with a gross value of R250 000 or more, and executors must follow the following guidelines:
Notice of estate and appointment of executor | 6 to 10 weeks |
Preparatory work for compilation of Liquidation and Distribution account | 6 to 24 weeks |
Investigation of Liquidation and Distribution account by the Master | 4 to 8 weeks |
Liquidation and Distribution account for inspection | 4 to 6 weeks |
Finalisation of the estate (after inspection period and no objections lodged) | 4 to 8 weeks |
Total (of an average estate): | 6 to 13 months |
What delays the Settlement of an Estate?
The proper administration of estates is dependent on the assistance of a variety of external organizations, including the South African Revenue Service, the Master’s office, insurance companies, retirement funds, and many others. The time required by these institutions to finalize the deceased’s affairs impacts the success with which the executor may finish the estate’s affairs.
By When and Who must a late estate be reported?
• Any person having control of or possession of property or documents which is, or is intended to be, a will of the deceased must be notified to the Master of a death at the expiration of 14 days from the death date.
• The property shall be notified of the death of any person having control or possession of property or documents which are, or are intended, to be a will of the deceased person.
Where to report Deceased Estates
• If the deceased resided in the Republic of South Africa, the estate must be notified to the Master of the High Court in whose jurisdiction the deceased resided 12 months prior to his/her death.
• Where the deceased was not a resident of the Republic of South Africa at the time of his/her death, the estate may be reported to any Master of the High Court, provided that only one Master is reported to. • An affidavit stating that the letters of executorship have not already been grated by any other Master of the High Court in the Republic of South Africa must accompany the reporting.
• Beginning on December 5, 2002, all Magistrates’ Offices have been designated as service locations for the Master of the High Court, and estates can be reported there. These service locations, however, have limited jurisdiction. All willed estates, as well as estates worth more than R125 000, will be handed to the provincial Master’s Office. As a result, it is best to report these estates to the Master’s Office immediately.
The tasks of an executor are:
- Collect all of the assets of the deceased. The assets include fixed assets, furniture, guns, automobiles, shares, proceeds from insurance policies, the debt due in the estate, cash assets, and any other interest that may have been held in any part of the world by the deceased.
- Get information on and pay all debts against the succession following investigation into their legality.
- Transfer the assets to the appropriate heirs following the payment of any property debts.
- Protect creditors and heirs’ interests during management.
What should you do in the event of a sudden death?
A sudden death may be upsetting and traumatic in the family and that is why we have collected a thorough guidance for the initial actions to be taken when a loved person has died:
- If your love has been killed by natural reasons, call your doctor, who will inform you what measures must be taken
- If they are killed by unnatural causes call the police immediately
- Find the last will and testament of the deceased, determine whether particular funeral instructions are included in the will
- Establish whether the deceased has a policy of funeral – generally with his financial adviser or bank.
- Make sure that you notificate the passing of the deceased to the nominee executive and his financial planner. The executor is the individual or corporation chosen to complete the affairs of your loved ones.
- Telephone the company or funeral home, which may organize funerals and assist with funeral coverage claims. Call your leader to arrange this as an alternative.
- Notify employer and pension fund of the deceased
- Recommend and schedule an appointment with the executor or financial planner in order to report the estate of the deceased, including his or her ID book or card and death Certificate.
- Cooperate completely with the executor and trust him or her, particularly with regard to your immediate cash and debit order demands. Do not remove money from the bank account of the deceased – address the matter with the Executor about urgently needed funds. Before the estate was finalized, do not take quick investments selections. Consult on these and other decisions with the estate executor.