At Resolute Wealth, we understand that the process of managing a deceased estate can be overwhelming and complex. Deceased estate administration refers to the legal process of managing and distributing the assets and liabilities of a person who has passed away.
Deceased estate administration involves the legal and financial steps that need to be taken to manage the estate of a person who has died. This process is governed by the Master of the High Court and is usually initiated by the appointment of an executor in terms of the deceased person’s will, or by the appointment of an executor by the heirs if the deceased did not leave a will appointing an executor. The executor is responsible for managing the assets, liabilities, and affairs of the deceased estate, and ultimately distributing the assets to the heirs or beneficiaries in accordance with the law or the wishes of the deceased person.
If you are a beneficiary or heir of an estate where the gross value of the estate is more than R250 000, you may require assistance from a professional. The process can be complex and time-consuming, involving legal and financial responsibilities that require careful attention to detail and compliance with South African law. It is advisable to seek professional assistance to ensure that the estate is properly administered and that the rights and interests of all parties involved are protected.
The process of deceased estate administration typically involves the following steps:
REPORTING THE DECEASED ESTATE
The death must be reported to the Master of the High Court within a specified time period, usually 14 days from the date of death. This involves providing detailed information about the assets, liabilities, and beneficiaries of the estate.
LIQUIDATING THE ESTATE
The executor is responsible for taking control of estate assets, safeguarding the assets of the estate, paying any debts or liabilities owed by the estate, and preparing the Liquidation and Distribution Account.
DISTRIBUTING THE ESTATE
Once the Master has accepted the liquidation and distribution account the executor may proceed to pay all debts and liabilities and distribute the residue of the estate and assets to the heirs or beneficiaries in accordance with the law and the wishes of the deceased person, as set out in their will or in terms of the intestate succession laws.
HOW CAN resolute wealth management ASSIST?
At Resolute Wealth, we can provide comprehensive assistance with all aspects of the process, including:
- Drafting and safekeeping of your Will
- Acting as executor
- Managing assets and liabilities: We can help with the identification, valuation, and management of assets and liabilities of the estate, including dealing with complex issues tax implications, and financial investments.
- Distribution of assets: We can ensure that the assets of the estate are distributed in accordance with the law and the wishes of the deceased person and assist in resolving any disputes or challenges that may arise.
- Compliance with legal requirements: We can ensure that all legal requirements and deadlines are met, including the reporting and finalization of the estate with the Master of the High
If you require any assistance, please feel free to direct your queries to: kirsten@resolutewealth.co.za
