What is a Deceased Estate?
February 20, 2017
When a person dies, one always wonders what will happen to their home, their car, their money and their possessions. The person should have left a will. So when they die, they will distribute their property and assets in accordance with their will. This Will is a specialised document. It is always a good idea to have it drawn up by an expert such as an attorney. Nonetheless, a person, the testator or testatrix who is older than 16 years of age, can draw up a will. For a Will to be valid, it must be in writing, and the signature of the testator/testatrix must be found at the end of the will. Two or more competent witnesses must sign in the presence of the one making the will. Continue to find out more to answer the question: what is a deceased estate.
What if there’s No Will – What is a deceased estate
Of course, there are many instances when the person didn’t leave a will. And they will distribute their assets in accordance with the provisions of the law. When you don’t leave a will, your estate will devolve according to intestate succession – Act 81 of 1987.
What’s the Procedure to Follow after Death – What is a deceased estate
- They should bring to attention the estate of the dead to the Master of the high court.
- They will have to do this within two weeks of the date of death. This can be done by anyone who is in possession of any property that use to belong to the dead.
- All magistrates’ offices are places where you can report the estate of the dead.
- They will refer you to the provincial office of the master if the estate is worth more than R 50 000.
- If the estate’s value is less than R50 000, you can report the estate to the magistrate’s office
- report the estate by completing Form J294
When the value of the estate is less than R125 000
There are certain documents that you will need to be complete, and these must have the correct documents with them:
- The original death certificate.
- An original marriage certificate.
- The original will.
- List of creditors of deceased.
- The policy will have to verify the copy of the ID of the person.
Are you an inheritor but battling to understand some of the deceased estate terms? Secure Legacy plays a valuable role in helping families, working people and business owners with protecting their wealth. They offer solutions for estate planning, the drawing up of wills, executor services as well as managing of trusts.
Not only do that they have plenty of useful information about deceased estates, but you can also call them anytime or email them to get assistance with any questions you may have. You can phone them at their Pretoria office on +27 12 543 1806, their Johannesburg office on +27 10 007 2376 or you can email them at firstname.lastname@example.org. If you are lucky to be a beneficiary, they will pay the money using a cheque to the person to whom the money is due. They can also pay it using an EFT deposit in the payee’s banking account.
Deceased estate administration is not for the faint hearted as its a lengthy, complicated process where beneficiaries, as well as debtors and creditors, have to be all validated. If it all sounds too overwhelming for you, call Secure Legacy. And know exactly where your money is bound after you’re no longer there.
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All info was correct at time of publishing