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ADMINISTRATION OF DECEASED ESTATE

“In this world nothing can be said to be certain, except death and taxes.”

ALK administers and winds-up deceased estates:

  • where ALK has been appointed as Executor;
  • where a family member or friend is the Executor and ALK acts on their behalf; or
  • where a person dies intestate (where there is no Will is in place).

In short, the administration of a deceased estate, consists of the following:

REPORTING AN ESTATE

The Estate of a deceased must be reported with the Master of the High Court and a Letter of Executorship obtained.

RECEIPT OF LETTER OF EXECUTORSHIP

The Master issues a Letters of Executorship, where after the Executor must take the following steps:

  • Place advertisements for debtors and creditors
  • Register the death of the deceased with SARS
  • Open estate late bank account
  • Obtain valuation of all assets
  • Receive claims from creditors

DRAFT LIQUIDATION & DISTRIBUTION ACCOUNT (L&D Account)

Once the Executor has accumelated all the information, a L&D Account must be drafted and lodged with the Master of the High Court, which sets out the following:

  • All assets in estate;
  • Administration costs;
  • Liabilities;
  • Income & Expenses after death;
  • How estate is distributed;
  • Is Estate Duty (Tax) payable.

Capital Gains Tax is also calculated and is included in the Income Tax assessment.

L&D Account is advertised and must lie for inspection for a period of 21 days.

AFTER ADVERTISEMENT OF L&D ACCOUNT

Once the L&D Account has lain for inspection and no objections were lodged, the assets are distributed to the heirs, which includes transfer of properties etc.
The final requirements are lodged with the Master in order to note the finalisation of the estate whereafter the Executor may request for the release of his duties.

OUR PARTNERS

Advice Worx
emi
Vermeulen Attorneys
Estate Plan
 
Smartwill

WHAT SOME OF OUR CLIENTS SAY

“Jy sal nooit weet wat dit vir my beteken om iemand te hê wat ek volkome kan vetrou nie en wat my oorlede man se Boedel so mooi behartig het nie.”
Tannie Adrien

“We have known and worked together with ALK Executors for 7 years now and have found the experience to be highly professional at all levels. The personal touch and attention to detail keeps surprising our clients where Konrad De Wet and his team proactively interact with them as trustees of trusts, executors of deceased estates and general legal counsellors. In the long term Investment and Advisory market where PSG Northcliff works, it is comforting to have a Fiduciary Services partner that can be trusted and relied on.”
Pierre De Bruyn, Principal, Northcliff Financial Planning Wealth Manager

“Thank you for the great service, compassion and support ALK provided during these troubling times we as a family had to work through. It was a pleasure dealing with you and Mary. It is very hard to find the level of service and compassion ALK provides and we appreciate and congratulate you for that. All the best.”
- Johan Scheepers

“My Team and I value the efficient service we receive from all employees at ALK, they are always friendly, helpful and efficient. We are very comfortable partnering with ALK in providing Fiduciary services to our clients and highly recommend them.”
Lynette Wilkinson, CFP, PSG Wealth Sandton Grayston, Wealth Adviser

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