Free Wills Service

11/07/2021

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07/07/2021

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04/07/2021

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04/07/2021

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30/06/2021

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27/06/2021

Sunday Morning Service.

23/06/2021

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20/06/2021

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16/06/2021

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09/06/2021

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06/08/2019

07/07/2019

How long does it take to wind up an estate? As a rough guide, a deceased estate can take anything from five months (which is almost impossible), to several years to finalise.

The time required depends largely on the size and structure of the deceased person’s assets and liabilities.

In the case of an estate smaller than R250 000, the process is fairly simple and an executor is not appointed, but a person – usually a family member – is authorised by the Master of the High Court to pay and collect debts and distribute the assets of the deceased to the heirs.

This article deals with estates valued at more than R250 000, in which case an executor needs to be appointed. This person will:

Apply for letters of executorship to be issued to him/her by the Master of the High Court;
When this is issued, take control of all assets of the deceased;
Close the deceased’s bank accounts;
Advertise for debtors and creditors;
Pay creditors;
Draft a liquidation and distribution (L&D) account; and
Distribute the deceased’s assets in accordance with the provisions of the will and as set out in the L&D account.
The time taken to wind up an estate will be influenced by the service levels the executor of the estate experiences when dealing with various institutions such as the office of the Master of the High Court, Sars, financial institutions and the deceased’s employer.

The Administration of Estates Act also prescribes certain processes which carry compulsory time periods. The main ones are:

The advertisement period for debtors and creditors; and
The inspection period during which the estate account must be available for inspection at the relevant Master’s Office.
In the first case, the advertisement advising debtors and creditors of the deceased to pay their debts and lodge their claims must appear on the same day in the Government Gazette and a local newspaper in the area where the deceased lived. The advertisement must state that the debtors and creditors have 30 days in which to take action. Before this period expires, the executor cannot finalise the estate account.

The account must then be lodged with the Master, be examined and approved by the Master, and another advertisement then placed in the Government Gazette and a local newspaper advising all interested parties that the account is available for inspection at the Master’s office for a period of 21 days. All of this can only be done by the executor once s/he is appointed, which can take time.

Sometimes, due to a complex asset structure or tax issues, several accounts will have to be drawn before the estate can be finalised.

Guideline to timespans

The steps to winding up an estate are as follows, with minimum to maximum days needed for each step:

From death to reporting the death to the Master of the High Court and handing in the will: 2 - 21
Waiting for the Master to issue letters of executorship to the executor: 2 - 90
Placing the advertisement for debtors and creditors: 7 - 14
Advertisement time period: 30 - 44
Time to finalise drafting the account and lodging with the Master: 7 - 60
Waiting for approval from the Master: 14 - 90
Preparing to advertise the account: 7 - 14
Advertisement period: 21 - 28
Distribution of assets: 30 - 180
Final requirements and final cash pay-out to heirs: 30 - 180
Total days: 150 - 721

01/07/2019

Let's Look At A Example

Mr Kent
Age: 42
Married: Yes👫

🏡Property R1 200 000
🚗Vehicle R300 000

💲Savings in bank R50 000
🤯Pension Fund R500 000

Insurance policies R2 200 000

When Mr Kent Passes On He Will Be Liable To Pay The Following.

1. Executors Fees = +- R110 000
2. Non Estate Asset Fees = +- R12900
3. Conveyance Fees = +- R19800
4. Masters Fee = +- R600

Total Fees = R143 300

For approximately R80 pm Mr Kent can have all these fees covered and his wife receive 100% of his estate.

Contact Free Wills Service to get your will done.

20/05/2019

A Will is a legal document by which a person, who expresses their wishes as to how their property is to be distributed at death and names one or more persons, as executor to manage the estate.

Your Will is one of the most important legal documents that you can write in your lifetime. Not only is it important to make sure that your Will is written and complete, it is also vital that your Will is valid.

If you do not write a Will or if the one that you put in place is invalid, your belongings, including any property, may not go to the people that you had intended to benefit from them.

It is not something you should worry about, but it is not something to put off.

Get in touch today and enjoy peace of mind, safe in the knowledge that your affairs are taken care of.

We pride ourselves on our high level of expertise and quality customer service.

Our process is simple, robust and cost-effective.

16/05/2019

Your executor will step into your shoes when you die to make sure that your estate is administered correctly, with all your debts and liabilities settled and the balance of your estate (the residue) transferred to your heirs in terms of your wishes.

The executor is nominated in your will and appointed officially thereafter by the Master of the High Court, who issues confirming Letters of Executorship. This document authorises the executor to deal with the South African Revenue Service (Sars), municipalities and financial institutions, among other things.

Executorship is an onerous and difficult task, so it is vital that you make your choice wisely, rather than add a name as an afterthought.