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Administration of a deceased estate
Winding up an estate after death
Administration of a deceased estate
Winding up an estate after death
The personal property and possessions of deceased persons, as well as any monies owed to them (and by them), are known as deceased estates.
When people die, their representatives (executors) settle all outstanding debts, after which the remainder of the estate is passed on to the deceased's heirs.
An executor's first duty is to locate the will if there is one. If the will cannot be found among personal papers, inquiries should be made at the deceased's lawyers, accountants, bank or insurance company. It may be in safekeeping with one of them.
If it cannot be traced, even though relatives may be positive that one exists, the estate must be administered as if no will had been drawn up and you are said to have died 'intestate' and the rules of intestate succession will determine who acquires ownership of the property you have at the date of your death.
If you die leaving a will, your assets must be collected, your debts paid and the balance paid in terms of your will to your heirs and legatees. This is the executor's job and a deceased estate, whether testate or intestate, must have an executor. If the value of a deceased estate does not exceed R50000, the Master of the Supreme Court may dispense with the appointment of an executor and give directions as to the manner in which such an estate is liquidated and distributed.
If the estate is intestate, the Master will appoint an executor - usually the surviving spouse. An executor appointed by the Master is called an executor dative, whereas one appointed in a will is an executor testamentary. A valid will, in most cases, will name an executor. When deciding on an executor testamentary, you can appoint a money-wise family friend or relative to undertake this task.
You can choose whoever you like to look after your affairs, pay your debts and then distribute the remaining assets among the heirs named in your will. If you wish, you can appoint one or more persons to act as your executor(s) testamentary. An executor, whether testamentary or dative, must have proof of appointment and this proof is issued by the Master of the Supreme Court in the form of letters of executorship.