Resources On-Demand

Deceased Estates - The procedure in winding up Estates

Overview

Two things are certain in this life: Death and Taxes, and the two are intertwined. The administration of Deceased Estates has to follow the stipulated process and procedures according to the Administration of Estates Act. The ultimate aim in administering any and all deceased estates is to ensure that the wishes of the Deceased person are carried out, usually in terms of the Last Will and Testament. 

The intention of the Deceased, where same applies to guardianship of minors, the importance of the appointment of an Executor, distribution of assets to beneficiaries – are all taken into account, therefore it is important that the testamentary document is presented in its original format, correctly signed and witnessed, because if it is not, the Master will not accept it and the estate will be wound up in terms of the Laws of Intestate Succession.

There are specific guidelines and timeframes to be complied with specifically with regard to the drawing up, filing and advertising of the Liquidation and Distribution Account, and ensuring that any and all creditors submitting a claim are included in the account. The Master’s office and SARS co-operate with the Executor when dealing with the tax aspects, and bringing the estate to finality.

Join Raymond Hack where he will illustrate the process of how to wind up a deceased estate from inception to finality.

Learning objectives

By the end of this webinar the attendee should know:

• reporting the estate and submitting the requisite estate documentation to the Master
• requesting Letters of Executorship / letters of Authority
• simultaneous advertising for creditors, newspaper and government gazette
• Opening of Estate late bank account
• drawing up Liquidation and Distribution Account,
• Administering the estate in terms of the Last Will and Testament of the Deceased, alternatively in the absence of a Will in terms of the Laws of Intestate Succession
• Submission to SARS, opening tax file.
• submission of the Liquidation Account and vouchers to the Master for approval prior to advertising and inspection at the Magistrate’s office
• payment to creditors and beneficiaries
• Acknowledgements from beneficiaries/ Affidavit from Executor that all creditors and beneficiaries have received payment
• Return of the original Letters of Executorship / letters of Authority

Content

The webinar will cover the following topics:

• Reporting the Death,
• interpreting the Last Will and Testament,
• complying with the Deceased Estates Act

About the presenter:

Practicing attorney experienced in the administration of deceased estates in excess of 35 years;  Senior partner at Rapeport Incorporated;

Attorney to various sporting bodies -  Chairman of the Disciplinary Committee of the Confederation Africaine de Football; Chairman of World Aquatics (previously  FINA) Integrity Body; former Chairman of FIFA Players Status Board; Arbitrator for the Court of Arbitration for Sport

Who this is for?

Any person who is interested in the winding up of deceased estates.

Price:  

This webinar is complimentary 

Additional material

By registering for this webinar you will be provided with:

• A summarised slide presentation.
• Reference documents and/or course material where available.