The administration of a deceased estate entails a regulatory process overseen by the Master of the High Court that has to comply with the Wills Act, the Intestate Succession Act (to the extent applicable), as well as the Administration of Estates Act. As a deceased estate comprises all the assets and liabilities left behind by a deceased, the administration thereof effectively involves the distribution of such assets to the relevant beneficiaries after settlement of all debts. Such distribution, therefore, eventually entails the transfer of assets (after payment of any debts in the estate) to the testamentary or intestate beneficiaries. During this process, other incidental (but very important) liabilities, such as the calculation and payment of income tax (including capital gains tax) and estate duty, may also come into play. Meeting all liabilities might pose to be a challenge where liquidity issues arise.
The process can be divided into clearly defined categories, which – when followed scrupulously – will facilitate a speedy conclusion of the winding-up of an estate. If the proper process is followed and correct sequence of actions is adhered to, there is no reason why most estates cannot be finalised within six months after the death of the deceased.
Within the context of the aforesaid, the upcoming CPD webinar workshop, Administration of Deceased Estates, provides practical guidelines and tips on the smooth wrapping-up of a deceased estate, and addresses issues commonly encountered, such as (but not limited to):
Upon wrapping-up of an estate, the executor is responsible for the preparation of an liquidation and distribution account. As this is one of the most important tasks and responsibilities of an executor, specific emphasis is placed on this aspect and upon completion of the webinar workshop, you should be equipped to undertake such a winding-up process.
This article was drafted by Pieter Lombard and Karen van Wyk
If you would like more information on the administration of deceased estates process and the preparation of a proper liquidation and distribution account, the following options are available:
Date: 22 September 2020 (09:00–14:00)
CPD workshop: 5 hours verifiable CPD
Practical guidelines and tips on the smooth wrapping-up of a deceased estate including estate planning and wills, role players in the administration process and preparation of liquidation and distribution account.
In this comprehensive session, we unpack and explore some of the following key aspects:
Date: 1 February 2021
This professional certificate covers the planning and administration of estates, including insolvent estates, incorporating deceased estate administration procedures, the functions of the Master of the High Court, intestate and testate succession, the law of trusts, sequestration and its consequences, and to wind-up both deceased and insolvent estates of individuals and corporates. The course will also equip participants with the theoretical and practical knowledge required to effectively use trusts and other vehicles in estate planning. Read more