Estate Administration
Step 1 – Reporting The Estate
The first step in the process begins with the reporting of the estate. When a person dies and leaves any assets the surviving spouse or close family member must report the estate to the Master of the High Court within fourteen (14) days of the date of death. Because estate administration constitutes a very specialised part of the law, it is common practice and advisable for persons nominated as executors in a will (and who do not have experience in the administration of estates) to appoint an agent to act on their behalf. Read more…
Step 2 – Letter Of Executorship
The second step in the process is a simple waiting game. Once the Master is satisfied with the contents of the documentation that were submitted, a letter of executorship will be issued. Read more…
Step 3 – Advertisements and Estate Finances
Benjamin Franklin once said: “Nothing in life is certain, except death (and the payment of debt) and taxes.” Unfortunately, this is a sad but true reality for most of us. Although we may be physically separated from the world on the day of our passing, we are unfortunately not relieved of our debt obligations. Read more…
Step 4 – Liquidation and Distribution Account
The finalisation of the liquidation and distribution account is surely one of the most important steps in the estate administration process. This document must be drawn up by the executor and provides a complete overview of the administration of the estate and shows exactly how each asset and liability will be handled. Read more…
Step 5 – The Master’s Final Requirements
Upon approval of the Liquidation and Distribution account, the Master of the High Court (Master) will issue a J242 memorandum. This document sets out the final requirements that must be met by the executor before the estate can be finalised with the Master. Read more…
Please contact one of our expert advisors for further information.
The above-mentioned is for information purposes only and is in no way advice. BVSA Consult Pty Ltd. encourages readers to get in touch with an expert financial advisor before making any decisions.
Article written by Reghardt Draper
