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Deceased estate is the term used to describe the assets, liabilities and obligations of a person who has passed away. It includes all their possessions, property and investments, as well as any debts they may have had at the time of their death.
When someone dies with a valid will in South Africa, the executor named in the will is responsible for administering the deceased estate. The executor's duties include identifying and valuing all assets and liabilities, paying off any outstanding debts and distributing the remaining assets to the beneficiaries named in the will.
When someone dies without a valid will in South Africa, the estate is distributed according to the Intestate Succession Act. The Master of the High Court appoints an executor to administer the estate. The executor will identify and value all assets and liabilities and distribute the estate to the deceased's heirs as determined by the Act.
In South Africa, when the value of the deceased estate exceeds R250 000, the estate must be reported to the Master of the High Court, who will appoint an executor to administer the estate. The executor will be responsible for identifying and valuing all assets and liabilities, paying off any outstanding debts and distributing the remaining assets to the beneficiaries according to the will or Intestate Succession Act.
In South Africa, it is advisable to appoint an attorney as the executor of your estate, especially if you have a complex estate or significant assets. Your attorney can provide specialized legal knowledge and guidance throughout the estate administration process, ensuring that the administration is carried out efficiently and in compliance with all legal requirements.
Appointing an attorney as the executor also means that they will be familiar with the directions contained in your will, know where your assets are, and have a general understanding of your family affairs.
While it is recommended to appoint an attorney as the executor, it is also possible to appoint a family member as the executor, either on their own or together with your attorney. However, it is important to note that the executor has a fiduciary duty to act in the best interests of the estate and its beneficiaries and must carry out their duties impartially and in compliance with the law.
As part of their duties, the executor must gather the assets of the deceased, settle any outstanding debts, distribute any legacies as specified in the will, and allocate the remaining estate to the beneficiaries according to the will or the Intestate Succession Act if there is no will.
Our team of experienced attorneys specializes in deceased estate administration and can provide expert guidance and support throughout the process.
Whether you need assistance with the drafting of a will, the appointment of an executor, or the administration of a complex estate, we can provide the legal expertise you need.
Contact us today to learn more about our services and how we can assist you with your deceased estate needs.
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