Deceased estates
A brief breakdown of the steps involved in administering a deceased estate in South Africa — from reporting to the Master to the final liquidation and distribution account.
The estate is reported to the Master in whose jurisdiction the deceased was ordinarily resident. The death notice, original Will (if any), inventory of assets, and supporting documents are lodged to open the file.
Once satisfied, the Master issues letters of executorship (or letters of authority for smaller estates), formally appointing the executor. The estate is then advertised, calling on creditors to lodge claims within the prescribed period.
Banks, insurers, investment houses, SARS, and other relevant institutions are notified of the death and the executor's appointment so that accounts can be frozen, balances confirmed, and policies dealt with.
The executor collects the assets of the estate, settles valid creditor claims, attends to tax matters, and takes control of any property, investments, or business interests that fall into the estate.
A liquidation and distribution account is drafted and lodged with the Master, showing all assets, liabilities, and how the estate will be distributed. Once approved and advertised for inspection without objection, the estate is distributed to the heirs and finalised.
Assistance
For assistance with reporting or administering a deceased estate, get in touch.
