- The Deceased’s Estate must be reported in the jurisdiction where he/she lived at the time of death;
- The Executors duties arise as soon as the Master of the High Court issues them with a Letter of Executorship and will only terminate should he/she dies or where the Master or the Court relieves them;
- The Executor must meet with the family of the deceased and get certain documentation such as the Death Certificate, a list of assets and liabilities and a Marriage Certificate or Antenuptial Contract if the deceased was married in community of property;
- A notice must go out to the creditors to inform them of the deceased’s death and allow them the chance to institute claims against the estate. This notice is published in the Government Gazette and the local newspaper where the deceased lived at the time of death;
- All bank accounts that are open at the time of death are closed and the funds are transferred into a separate bank account called an estate late bank account;
- Thereafter a Liquidation and Distribution account needs to be drafted to discover who gets paid, who gets what assets and which liabilities are outstanding. This needs to be advertised and once approved by the master creditors needs to be paid and assets distributed. This has to be done six months after the date of appointment;
- Proof of distribution needs to be lodged with the master after which the master will issue you with a filing notice from which you will be relieved from your duties.
https://schwenninc.co.za/wp-content/uploads/2019/03/Jessica.jpg 357 250 Jessica Schwenn https://schwenninc.co.za/wp-content/uploads/2018/03/Schwenn-Inc-logo-web.png Jessica Schwenn2021-01-15 08:47:152021-01-15 08:47:15Quick steps for the Executor to follow in an estate