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Estate planning / Wills / Trusts / Administration of Deceased estates
Administration Of Estates - FAQ
A set of required documents that the Master of the High Court receives, whom upon receipt and perusal will proceed to issue these letters.
Thereafter In an estate below a value of R250 000-00, the Master will issue a Letter of Authority, and in estates of value over R250 000-00, the Master will issue a Letter of Executorship.
If there are no unforeseen circumstances, the issue of these letters will usually take up to 4 weeks.
It is recommended that you acquire the services of an attorney, who will work in conjunction with the Master to administer the estate.
Yes. An estate account is a temporary bank account that hold funds from an estate, which may be used to settle any debts a person has at the time of their death, as well as settle taxes and distribute assets.
It is not a legal requirement, however, it is recommended. Your attorney has the knowledge and expertise to draw up your will to meet the standards of the Wills Act. As a result safeguard your beneficiaries and estate to be in accordance with your wishes.
You can draw up a will as young as 16, provided that you are mentally competent and understand the consequences of same.
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