Administration of Estates
Administration of deceased estatesThe administration of deceased estates involves the interpretation of wills and other legal issues arising from a person’s death, such as valuation of assets, liabilities and estate duty, payments of liabilities and the distribution of the nett assets to the beneficiaries of a will. Certain aspects in the administration of a deceased estate include the preparation and lodgement of documents required by the Master of the High Court in order to appoint the executor / master’s representative, preparing the Liquidation and Distribution accounts, preparing Redistribution Agreements, the administration of the estate’s bank account, and distributing the inheritance to the beneficiaries in terms of the provisions of the will. If the deceased died without a valid will, then the distribution of the estate of the deceased is done in terms of the provisions of the Intestate Succession Act No. 81 of 1987.
Our services include the following:
- Drafting of wills
- Estate planning
- Inter Vivos Trust formation & administration
- Application for appointment of curator bonis
- Winding-up of deceased estates
Capital Gains Tax (CGT)A valid will is an essential requirement for any form of estate planning and to ensure that your beneficiaries in fact benefit from your estate. Estate planning in turn is essential to optimise the benefits which your beneficiaries are to receive from a deceased estate. Inadequate or neglected estate planning can lead to unnecessary hardship or avoidable taxes being paid by your estate to the detriment of your beneficiaries.
The following issues should be considered with the drafting of your will:
- Will there be sufficient liquidity in your estate to pay your liabilities, and at the same time leave sufficient funds to secure financial security of your family?
- Is it possible to minimise the possible impact of estate duty?
- Do you have sufficient insurance to cover your mortgage bond?
- Are there any Capital Gains Tax implications?