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Waves

Deceased Estate Process

We believe that transparency is key when it comes to administering a deceased estate. We want every client who works with us to fully understand the process and the estimated time frames for each step along the way as well as the costs involved.

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From the moment of passing to the final distribution of assets, we guide you through every stage. Our goal is to ensure that you are aware of what to expect, reducing any uncertainties during what can be an emotional and complex time. We’ll work closely with you, offering clear communication and expert advice, to make sure the estate is administered efficiently and in accordance with the law.

Stage 1

Reporting the Estate to the Master of the High Court

  1. Report the Estate

    • The executor or appointed person must report the deceased’s estate to the Master of the High Court in the jurisdiction where the deceased lived.

  2. Information & Documentation Request

    • The contact person (usually a family member or the person in charge) will be given a checklist to provide the necessary documentation to initiate the estate administration.

  3. Appointment for Consultation

    • A meeting is arranged with the contact person to go through the documents and details required for the administration process​​

    • If a member of Chamber Administrators CC is not named as the executor in the will, the appointed executors may delegate their authority by granting a special power of attorney to a Chamber Administrators CC member.

    • Once the power of Attorney has been granted to a member of Chamber Administrators CC  , they assume the executor’s responsibilities, ensuring that all legal and financial matters are managed in accordance with the law.

  4. Completion of Documents

    • Once all documentation is received, the executor completes the necessary forms and submits them to the Master. If everything is in order, the Master will issue Letters of Executorship, officially authorising the appointed executor to manage the estate.

  5. Timeline

    • On average, the Letters of Executorship take 4 to 6 weeks, but delays can occur.

  6. Beneficiary Notifications

    • If the beneficiaries’ details are available, they receive correspondence confirming the details of the will and a request to complete a questionnaire and provide further documentation.

Stage 2

Asset Valuation and Estate Administration

  1. Advertisement

    • An advertisement is placed in a local newspaper and the Government Gazette to notify creditors to lodge claims against the estate.

  2. Asset Valuation

    • All assets, including immovable property, movable assets (like vehicles and furniture), must be valued. If heirs choose not to retain certain assets, these may need to be sold.

  3. Dealing with Financial Institutions

    • Executors must communicate with financial institutions to get asset valuations, transfer or liquidate assets, and gather tax-related information.

  4. Settling Debts and Liabilities

    • All creditor claims must be assessed, accepted, or rejected. Payments are made as necessary. Executors also inform SARS of the death and gather documentation for income tax purposes.

  5. Bank Account for the Estate

    • A bank account for the estate is opened to handle all estate transactions, including receiving funds and paying bills.

  6. Timeline

    • This stage can take from a few months to several years, depending on asset liquidation, creditors, and the complexity of the estate.

Stage 3

Liquidation and Distribution Account Preparation

  1. Preparation of Liquidation & Distribution Account

    • This is a financial statement detailing the estate’s assets, liabilities (including taxes, debts, and administration fees), and the beneficiaries’ shares.

  2. Submitting to the Master

    • The account is submitted to the Master along with supporting documents. If estate duty is applicable, all necessary documents must be submitted to SARS.

  3. Master’s Review and Queries

    • The Master reviews the account and issues a query sheet for further information or documentation. Once the queries are resolved, the account is ready for the next step.

  4. Public Inspection

    • The Liquidation and Distribution Account is published for public inspection for 21 days. During this time, anyone with a legitimate grievance (like an unpaid creditor) can object to the account.

Stage 4

Final Distribution and Estate Closure

  1. No Objections or Resolution of Objections

    • After the 21-day period, if no objections are raised (or once objections are resolved), the executor can begin distributing the estate.

  2. Distribution of Assets

    • Beneficiaries receive their inheritances according to the will or intestate law. This may involve:

      • Transferring immovable property (e.g., property titles are registered at the deeds office).

      • Finalizing transfers of investments, motor vehicles, or other assets.

  3. Creditors Paid

    • Any remaining creditors are settled.

  4. Final Cash Statement

    • A final statement is issued detailing all transactions, including interest earned and any remaining balance owed to each beneficiary.

  5. Tax Clearance

    • Estate tax matters must be fully concluded, and a final tax clearance from SARS is necessary before the estate can be fully closed. This step may take some time due to audits or additional claims by SARS.

  6. Completion of Distribution

    • Once tax clearance is obtained and all assets are distributed, the estate is closed. Some estates can face delays at this stage, particularly if property has been sold but the transfer hasn’t yet been finalized.

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