A deceased estate is administered by an Executor who is either appointed in terms of a Will or is appointed by the Master of the High Court if there is no valid Will. You can appoint a family member, or your attorney or a bank official to be the Executor of your estate.
Once appointed, the Executor collects in all money due to your estate, closes bank accounts, sells assets that the heirs do not want to keep or are not required to be sold to pay expenses, and collects all accounts that need to be settled. After this an account of the Estate finances is lodged with the local Magistrates’ Office where anyone may inspect them after advertising this in the newspapers. If there is no objection to this Liquidation and Distribution Account, the Executor is entitled to pay all accounts and distribute the remainder and any special bequests to the Heirs who were appointed in terms of the Will, or if no Will, in accordance with the Laws of Intestate Succession.
A tariff of 3,5% plus Vat of the value of the assets of the deceased is usually charged by Executors to wind up an estate. Bank executors may also charge a valuation fee as well as itemise and value every piece of furniture or personal effects. Check the costs with us for competitive pricing.