Deceased Estates Administration: Overview and Process
Administering a deceased estate involves a series of legal and financial tasks that require careful attention to detail and expertise. Our experienced legal team at Global Infinity Legal Services will guide you through every step of the process, from obtaining Letters of Executorship to distributing the estate’s assets according to the deceased’s will or the laws of intestacy.
We handle the valuation of assets, settling of liabilities, and completion of all necessary legal filings and tax declarations. Our goal is to ensure a smooth and efficient administration while protecting the interests of beneficiaries and honoring the wishes of the deceased.
What we offer:
Comprehensive Estate Administration:
At Global Infinity Legal Services, we offer a full range of services to manage and administer deceased estates with precision and care. Our team handles every aspect of the process, ensuring that all legal, financial, and administrative matters are addressed thoroughly and efficiently.
Obtaining Letters of Executorship: We assist executors in securing the necessary legal authority to administer the estate. This step is crucial for managing assets and settling debts.
Asset Valuation and Management: Our professionals conduct thorough valuations of the estate’s assets, including property, investments, and personal belongings. We help manage these assets throughout the administration process.
Settling Liabilities and Debts: We take care of paying off outstanding debts and taxes from the estate’s funds, ensuring that all financial obligations are met.
Distribution of Assets to Beneficiaries: Once all liabilities are settled, we oversee the equitable distribution of assets to beneficiaries according to the deceased’s will or the laws of intestacy.
Ongoing Support for Executors and Beneficiaries: We provide guidance and support to executors and beneficiaries throughout the administration process, helping them navigate any legal or financial challenges that may arise.
Support for Beneficiaries
We understand that the administration of a deceased estate can be a challenging time for beneficiaries. That’s why our team provides compassionate and personalized support throughout the process. We ensure beneficiaries fully understand their rights and responsibilities and keep them informed at every stage of the administration.
Probate and Legal Filings
The probate process and associated legal filings can be complex and time-consuming. Our experienced legal team handles all necessary documents and filings, including probate applications, tax returns, and other paperwork. We work diligently to ensure compliance with legal requirements and timelines, minimizing any delays and complications.
What you need to know:
Deceased and Insolvent Deceased Estates.
A deceased estate comes into existence when a person dies testate or intestate.
- Testate is where the deceased had a will.
- Intestate is where the deceased died without a will.
- A deceased estate must be administered in terms of the Administration of deceased estate Act 66 of 1965.
Different Types of Deceased Estates
There are 4 different types of deceased estates.
- Estate where there are no assets (to apply for a JM13)
- Estate where the asset value is below R250 000 (to apply for a letter of authority 18/3 estate)
- Estate where the asset value is above R250 000 (to apply for a letter of executorship 13/14 estate)
- Insolvent deceased estate, where the liabilities are more than the assets
When, by whom and where to report the estate?
We understand the process can be overwhelming. Begin by confirming whether a will exists. If a will is present, you must obtain the original document.
The estate must be reported to the Master of the High Court within 14 days of the date of death. Any person who has control or possession of any property or documents that could be considered part of the estate or the deceased’s will must report the death.
To report a deceased estate, you must submit all necessary reporting documents to the Master of the High Court. If the estate is modest in size, it can be registered at the magistrate court.
Please note that the Magistrate’s Office service points only have jurisdiction when the deceased left no will and the gross value of the estate is less than R50,000.
FAQ:
What is involved in the administration of a deceased estate?
The process includes obtaining the necessary legal authority to administer the estate, managing and valuing assets, settling debts and taxes, and distributing assets to beneficiaries according to the deceased’s will or the laws of intestacy.
How long does the administration process take?
The timeline can vary depending on the complexity of the estate and any legal or financial issues that may arise. We work diligently to expedite the process while ensuring all details are properly managed.
What fees are associated with the administration of a deceased estate?
Fees vary depending on the services provided and the complexity of the estate. We provide transparent fee structures and estimates to clients at the outset.