Everything You Need to Know About Reporting a Deceased Estate

Estimated Reading Time: 8 minutes

Key Takeaways

• A deceased estate must be reported to the Master of the High Court within 14 days of death
• Letters of Executorship are required before any assets can be legally distributed
• Failing to report a deceased estate may result in accusations of fraud or theft
• OAK Law can assist with every step of the deceased estate administration process
• Even estates with minimal assets must be reported according to South African law

Introduction

Someone dies and left a will, but what happens now? Before the assets of a deceased person can be disposed of, before the beneficiaries can legally inherit assets, the estate needs to be reported to the Master of the High Court. The Master will issue a Letters of Executorship, appointing the executor of the estate and only thereafter can the assets be disposed of.

OAK Law can assist with all the steps required from reporting the Deceased Estate, obtaining the Letters of Executorship, drafting the L&D account and assisting with the disposing of the assets to the nominated Legatees and Heirs.

What is a Deceased Estate?

In short, a Deceased Estate is the assets, and liabilities, in the estate of a deceased person.

A Deceased Estate comes into existence when a person dies and leaves assets or debts. The estate of the deceased person must be administered and distributed in terms of the deceased’s Last Will and Testament or, if there is no valid will, in terms of the Intestate Succession Act (Act 81 of 1987).

The procedure which must be followed to administer a deceased estate is prescribed by the Administration of Estates Act, 66 of 1965 (as amended).

Why does a Deceased Estate need to be reported?

If a Deceased Estate is not reported, you can not dispose of the assets in that estate.

By reporting the estate to the Master, you can confirm whether the deceased had any assets or not by completing the inventory required by the Master. OAK Law can provide guidance with what assets needs to be included as well as obtaining valuations of the assets.

If you do not report the Deceased Estate, you cannot dispose of any assets in the Estate. If you do dispose of assets, even if it is in terms of a will, and you do not have a Letters of Executorship, you may be accused of fraud or theft. You may be sued by any beneficiaries or creditors who have a claim against the estate.

How to Report a Deceased Estate?

In order to report a Deceased Estate to the Master, you will need to provide certain documents. During the first consultation with OAK Law, we will provide you with a list of information and documents we will need in order to draft the necessary reporting documents and submit same to the Master for reporting the Estate and obtaining the Letters of Executorship.

The documents will include, depending on the value of the estate and the type of appointment needed:

• Death Certificate
• Death Notice
• Marriage certificate if the Deceased was married
• Declaration of marriage
• Next of Kin Affidavits
• Inventory
• Acceptance of Executorship of Master’s Directions
• Nomination of Executor by Heirs
• Last Will and Testament
• List of creditors
• ID copies

Steps After Reporting?

After the Deceased Estate has been reported, the Master will issue a Letters of Executorship and the executor will be formally appointed. The Letters of Executorship serves as proof of the executor’s authority to administer the Deceased Estate.

The next steps will be to:

• provide the creditors notice by way publishing the Notice of Creditors in the Government Gazette as well as local newspapers;
• drafting the liquidation and distribution account (L&D) and submitted same to the Master;
• publishing notice of inspection of the L&D;
• lying open for inspection of the L&D providing creditors the time to object if needed;
• payment of estate duty to SARS;
• payment of creditors;
• and finally, payment to heirs.

Benefits of OAK Law assisting with the administration:

Our firm can be appointed as executor, or we can assist the appointed executor as agent. OAK Law has the knowledge and experience to ensure that the Deceased Estate is reported, administered and finalised in a fast and effective way, allowing you to grief your loved one without worrying about the legal requirement of estate administration.

Frequently Asked Questions (FAQs)

When should a Deceased Estate be reported?

Within 14 (Fourteen) days from date of death.

Where should the Deceased Estate be reposted?

With the Master of the High Court in the jurisdiction where the deceased resided for 12 months prior to his or her death.

Who should report a Deceased Estate?

Any person that has control or possession of any property or a will of the deceased, can report the death. Normally the surviving spouse or a close family member.

Does a Deceased Estate need to be reported even if the deceased didn’t own anything?

Yes, all deceased estates need to be reported, no matter the value of the estate.

When is an Executor not appointed?

If the value of the estate is less than R250 000, the Master of the High Court may dispense with letters of executorship and issue letters of authority in terms of Section 18(3) of the Administration of Estates Act, (Act 66 of 1965).

Pros and Cons of OAK Law’s Estate administration services:

Pros: You don’t have to worry about all the legal requirements and relevant documents the Master will require, we will drive the process from beginning to end and keep you updated, only requesting the needed information.

Cons: Paying someone to do something you might feel you are able to do yourself, however, we at OAK Law are up to date with the legal requirements and have experience with the Master’s system.

Conclusion

OAK Law’s Executor and Deceased Estate Department offers administrative services which are an easy way to ensure your loved one’s estate is being administered and the deceased’s assets are correctly distributed.

Give us a call on 012 345 3761 or send us an email at info@oaklaw.co.za to get started.