We offer a free initial consultation to discuss the quickest and most cost-effective way of finalising your loved one’s deceased estate, thereby giving you peace of mind during your period of bereavement.
An ‘estate’ consists of the deceased’s immovable and movable assets at the time of his or her passing. The main objective in the administration of a deceased estate is to transfer ownership of assets from the name of the deceased person to the names of the beneficiaries mentioned in the will.
When a person dies within the Republic, leaving assets (or dies outside the Republic but has assets here) his or her estate must be administered and distributed in terms of the deceased’s will, or failing a valid will, in terms of the Intestate Succession Act, 81 of 1987. The Administration of Estates Act, 66 of 1965 lays down the procedure which must be followed to administer a deceased estate.
The Executor is entitled to a fee (laid down by law) of 3½% + VAT of the gross value of the estate and 6% plus VAT on any income earned. The fee can always be negotiated. There is an additional fee for any transfer of fixed property.
Barring any complications, a deceased estate can be finalised in under a year.
If you want our help, please email Roy Bregman.
Please go here to see the process that must be followed in winding up an estate, and definition of commonly used words.