SUMMARY:
Deceased Estate Administrator
POSITION INFO:
Deceased estate - to start 10thMay 2021
1. Initial consultation with client, collecting all the required documentation, peruse the will and have client sign all necessary documents to lodge estate with relevant Master’s Office, and obtain security if it is necessary.
2. Lodge documentation and obtain Letters of Executorship.
3. Have client sign power of attorney, if you are not the nominated executor.
4. Advertise estate in terms of section 29 for notice to all creditors.
5. Open an Estate Late bank account.
6. Inform all relevant parties e.g banks, life insurance, debit orders that deceased has passed away and that all money due to the Estate should be paid over to the Estate Late bank account, and any money is owing to them, to lodge a claim. Instructions should be given that all bank accounts should be closed, and debit orders changed, should the Executor wish to continue with same. This is specifically important with regards to insurance on the assets.
7. SARS must be notified of and the relevant documentation should be lodged, in order to record the deceased estate. Should SARS require any returns, same must be filed, alternatively SARS will issue a letter confirming that there is no outstanding returns or amounts. A separate power of attorney must be completed by the Executor to this effect.
8. Collect all other assets in the Estate e.g is there immovable or movable property and verify in the will whether these assets are bequeathed to a specific person or whether it should be sold.
9. Determine whether the Estate is solvent and liquid.
10. Should the Estate not be solvent, the relevant Master’s Office and the heirs should be notified.
11. Should the Estate not be liquid a further consultation can be invested in, to request further instructions on which assets can be liquidated, and liquidate same. This can be done through private sale or public auction.
12. Once all claims has been received and all the assets has been collected and valuated a Liquidation and Distribution account must be drafted in accordance with the will or the redistribution account. Note, that should this happen within 6 months after the Letters of Executorship has been issued, extension has to be requested from the Master’s Office.
13. The L&D account must then be lodged with the Master’s Office together with all the supporting documentation with includes inter alia the power of attorney, proof of the section 29 advertisements, bank statements and all paid cheques. The Estate Duty Return (REV267) must also be lodged.
14. The Master’s Office will then provide you with a J242 query sheet either requesting further documentation or informing you that the Liquidation and Distribution account may lay for inspection in terms of section 35.
15. Advertise that the Liquidation and Distribution account will lay for inspection for no less than 21 days at the relevant Master’s Office, and should the Master’s Office not be in the jurisdiction the deceased lived in for the 12 months prior, it should be advertised at the relevant Magistrate’s Court as well.
16. After the lapse of the abovementioned time period, and no objections has been noted against the account, the Estate may be distributed in accordance with the Liquidation and Distribution account, and creditors paid. The bank account should then show a nil balance.
17. Receipts from the heirs must be obtained confirming that they have received the part distributed to them.
18. Proof of the section 35 advertisement, proof of payment of the Master’s fee, proof of distribution to heirs and payment of creditors and a complete set of bank accounts must be lodged with the Master’s Office. This should be lodged together with a section 56 affidavit and the original Letters of Executorship, and discharge should be requested from the Master’s Office.
19. Obtain discharge from Master’s Office.
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