FREQUENTLY ASKED QUESTIONS
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What happens if the value of the deceased estate is below R250,000?
Where the gross value of a deceased estate does not exceed R250,000, the Master may apply the simplified procedure in section 18(3) of the Administration of Estates Act. Instead of appointing an executor and issuing Letters of Executorship, the Master…
What if there is not enough money in the estate?
An estate can be solvent but short of cash, or it can be genuinely insolvent. A solvent but illiquid estate has enough overall value to pay its debts but not enough cash. The executor may need to realise assets to…
What are the advantages of a living trust?
A living or inter vivos trust can provide continuity, structured management of assets and flexibility in providing for beneficiaries. Trust property does not fall into the founder’s deceased estate simply because the founder dies, so the trustees can continue administering…
Who cannot inherit under a will?
South African law recognises statutory disqualifications as well as the common-law doctrine of unworthiness to inherit. Section 4A of the Wills Act can disqualify a person from receiving a benefit if that person signs the will as a witness, signs…
How long does an executor have to settle an estate in South Africa?
There is no single statutory deadline by which the executor must fully finalise every estate. The most important express deadline is in section 35 of the Administration of Estates Act. The executor must ordinarily submit the Liquidation and Distribution account…
Who can claim against a deceased estate?
Any person or institution with a legally enforceable claim against the deceased or the estate can potentially lodge a claim. Common examples include banks, lenders, trade creditors, landlords, SARS and private persons to whom money is owed. Where an executor…
What is the purpose of a family trust?
A family trust is commonly used to hold and manage family assets over the long term, provide for beneficiaries in a structured way, create continuity in the management of wealth and, where appropriate, form part of an estate and asset…
Can I draft my own will in South Africa?
Yes. South African law does not require an attorney or fiduciary professional to draft your will. A person who is at least 16 years old and has the required testamentary capacity may draft their own will, provided it is executed…
What is the easiest way to create a will?
For many people, the simplest route is to work with a fiduciary professional who can guide the process from gathering information to signing the final document. The usual steps are to record your family and financial circumstances, decide whom you…
When to use an inter vivos trust?
An inter vivos trust is most useful where there is a clear long-term purpose that justifies separating assets from personal ownership and accepting the governance and tax obligations that follow. Common examples include preserving family or business assets across generations,…