APPOINTMENT OF AN EXECUTOR
WHO CAN BE AN EXECUTOR:
- A person can appoint an executor in terms of their Will.
- Where a person dies without a Will the heirs to the estate may nominate someone to the executor of the deceased estate.
- A nomination form must be completed by the heirs of the estate.
- An attorney can be nominated to be the Executor of a deceased estate. The attorney can be nominated in terms of a will or by the heirs to a deceased estate if the deceased died without a will.
- A family member can be appointed as the Executor and be assisted by an attorney who will act on behalf of the executors an agent
FUNCTION OF THE EXECUTOR:
- Settle the liabilities of deceased
- Open a bank account for the deceased estate
- Close the deceased bank accounts
- Collect the assets for the deceased estate
- Distribute the estate in accordance with the Will.
- Distribute in terms of the Intestate Succession Act.
- Making payments toward creditors.
- Sell or transfer the deceased’s property.
Letter of Authority vs Letter of Executorship
- DECEASED ESTATE LESS THAN R250 000.00 (Two hundred and fifty thousand rand) = LETTER OF AUTHORITY
- DECEASED ESTATE TO THE VALUE OF R250 000.00 (Two hundred and fifty thousand rand or more = LETTER OF EXECUTORSHIP
All estates regardless of their value needs to be reported.
All estates regardless of their value are required to complete the list of reporting documents below:
- Nomination Form;
- Next of Kin Affidavit;
- Acceptance of Trust as Executor;
- Death Notice;
- A Declaration of Marriage by the Surviving Spouse indicating how the deceased was married
- Inventory Form; Declaration confirming that the estate has not already been reported to another Master’s office or Service Point of the Master;
DOCUMENTS THAT WE REQUIRE:
- Original Death Certificate;
- Identity Document for the deceased;
- Marriage Certificate if the deceased was married;
- The Will and Codicils left by the deceased;
- Proof of a customary marriage or registration of a customary marriage
- Declaration confirming the existence of a same-sex life partnership;
- List of deceased’s assets and liabilities (creditors);
- Certified Copy of the executors identity document;
- Signed Nomination form.
LETTER OF EXECUTORSHIP
For further assistance with the procedures that follow after a Letter Of Executorship kindly contact our offices.
ADMINISTRATION OF A DECEASED ESTATE