A deceased estate may soon play a part in your life.
July 3, 2017
When a person dies their property becomes known as a deceased estate. So what happens to their home, car, money and their possessions?
The deceased’s Will, drawn up by an attorney, sets out how their property and assets are distributed. Nonetheless, anyone who is older than 16 years of age, can draw up a will.
A Will must be written or printed with the signature of the deceased at the end. Two or more witnesses must sign in the presence of the one making the will. If the Will is more than one page, each page must be signed by the person drawing up the Will.
What if There’s no Will for the Deceased estate?
Of course, there are many instances when there is no will. In this case, the assets get distributed according to the provision of the law – Intestate succession – Act 81 of 1987.
What’s the Procedure to Follow after Death?
The Master of the High Court must be notified within 2 weeks of the date of death. Also by anyone who is in possession of any property belonging to the deceased.
If the estate’s value is less than R50 000 it must be reported to a Magistrates office. And estates that exceed R50 000 are referred to a provincial office by completing Form J294.
What documents Do I need?
Certain documents will need to be completed and sent with the following items –
- The original death certificate
- Marriage certificate
- Signed will
- List of creditors of deceased
- Certified copy of the ID of the person applying to be appointed
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 they have plenty of useful information about deceased estates, you can 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, the money will be paid either by means of a cheque to the person to whom the money is due. It can also be paid by means of an EFT deposit in the payee’s banking account.
Deceased estate administration is not for the faint hearted as it’s a lengthy, complex 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