Trusts & Estates

Our Estates Department deals with the following aspects, namely:

The loss of a loved one has a tremendous impact on the family and the process associated with winding up their personal affairs, can be daunting. Our Estates Department is fully equipped to deal with those matters and understand the emotional difficulties our clients experience during this time.

(1 Week Process)

Step 1

Obtain all relevant documentation and information from the surviving spouse/heirs.

(1 Week Process)

Step 2

Complete various reporting documents and report the estate to the Master of the High Court. All original wills, if there are any, are filed with the Master’s office for consideration.

(3 - 4 Week Process)

Step 3

The Master of the High Court issues Letter of Executorship and without this document the executor is unable to deal with any of the assets in the estate.

(3 - 4 Week Process)

Step 4

On receipt of the Letters of Executorship, the executor may now start dealing with the deceased estate and will determine the liquidity thereof. The duties of an executor at this point include the following:

Advertisement in the Government Gazette as well as the local newspapers advising creditors to lodge their claims / debtors to pay claims due to the estate within 30 days of date of advertisement
Opening of an estate bank account
Obtaining valuations of all movable and immovable assets and to arrange short term insurance, if applicable
Sell movable and immovable assets, if so instructed
Dealing with any shares and the sale thereof, if so instructed
Closing the bank accounts of the deceased
Collecting insurance policies
Notifying medical aids and pension funds
Communicating with creditors to obtain final debit balances and statements
Settle claims against the estate once cash is collected on behalf of the estate
Finalising outstanding SARS tax returns, if any
Prepare the liquidation and distribution account

(6 - 8 Week Process)

Step 5

The liquidation and distribution account is now lodged with the Master of the High Court for approval. This account reflects the following information:

All assets and liabilities in the estate
The income collected and all expenses paid during the period between the date of death and date of preparing the account
Information on how the assets are to be distributed among the heirs, be it in terms of the will or in terms of Intestate Succession
A recapitulation of cash in the estate
The calculation of estate duty, if applicable

The Master will either approve the account, request further information or request amendments to the account. Where amendments are required, the account must be re-lodged for examination.

(3 - 4 Week Process)

Step 6

On approval of the liquidation and distribution account by the Master’s office, the executor places another advertisement in the Government Gazette and local newspapers, notifying any interested parties that the account will lie open for inspection by the public at the local Magistrate Court and the Master’s office for a period of 21 days.

(2 - 3 Month Process)

Step 7

Provided no objections were raised against the account, the executor will proceed to deal with the following:

Pay all cash inheritances to the heirs
Transfer all movable and immovable assets which were not sold during the winding up process.
Pay any outstanding debts which have not yet been settled
Pay the Master’s fees
Pay the estate duty due to SARS, if any

Upon finalisation of the above the executor will prepare an affidavit declaring that all assets, liabilities and payment of inheritance have been finalised.

(4 - 5 Week Process)

Step 8

The executor now applies to the Master for filing of the estate and send in support of the application the following:

The affidavit declaring that all creditors have been paid and all heirs have received their inheritance
Proof of settlement of Master’s fees
Proof of advertisement of the liquidation and distribution account

(1 Week Process)

Step 9

The Master’s office issues the filing slip.

Contact

Branch: Amanzimtoti

Tel Number: 031 835 9700

Cell: 083 456 5276

Email: kbritz@meumannwhite.co.za

Branch: Berea

Tel Number: 031 835 9700

Cell: 083 300 2378

Email: mdavey@meumannwhite.co.za

Trusts & Estates

Contact

Karen Britz

Maria Davey