Where an executor is appointed, distribution follows the Liquidation and Distribution account process under section 35 of the Administration of Estates Act.
The executor first identifies and collects the assets, deals with liabilities and tax, and prepares the account. After the Master has examined the account, it must lie open for inspection for at least 21 days, with the required statutory advertisements. Interested persons can inspect the account and lodge objections. If an objection is upheld, the account may need to be amended and, in appropriate circumstances, lie open again.
Once the account has completed the statutory inspection and objection process and has become distributable, the executor pays creditors and distributes the estate according to the confirmed account. Cash can be paid to beneficiaries, movable assets can be delivered, and immovable property can be transferred through the Deeds Office.
A transfer to a resident surviving spouse can qualify for specific capital gains tax rollover treatment where the statutory requirements are met. That tax treatment should not be assumed for every beneficiary or asset.
See also: How long does a deceased estate take to settle? | What are the Capital Gains Tax (CGT) implications in a deceased estate?
Disclaimer: The information provided here is intended as general guidance only and does not constitute legal, tax, or financial advice. Every situation is unique, and legislation is subject to change. We invite you to reach out to our team at Wealth and Legacy Group for guidance tailored to your specific circumstances.