Page 49 - TODAY magazine Issue 1 2021

WHAT ARE THE NEXT STEPS IF YOU’VE BEEN NOMINATED
AS THE EXECUTOR IN SOMEONE’S WILL?
This step-by-step guide sets out the legal process after someone’s death and what is required to wind up estates of R250 000 or more.
If you’ve been nominated as the executor in someone’s will, you will still have to be appointed officially by the Master of the High Court. This happens only once you have submitted all the documents in Step 2.
STEP 2
STEP 1
STEP 6
Once the estate is finalised
and the L&D Account is approved by the Master's Office, you can pay the estate’s debts followed by the beneficiaries.
STEP 5
Draw up a Liquidation and Distribution (L&D) Account to record all the deceased’s assets and liabilities. It has to set out all income or expenditure incurred by the estate as well as all beneficiaries’ names and what each will inherit. The L&D Account has to be submitted to the Master of the High Court for approval.
Report the death to the Master of the High Court within14 days. You’ll need:
• Original/certified copy of the death
certificate
• Original/certified copy of the
person’s marriage certificate/decree
of divorce
• Antenuptial contract if the marriage
was out of community of property
• A Declaration of Marriage* by the surviving spouse that indicates how
the deceased was married
• Original will
• Completed death notice*
• Completed next-of-kin affidavit if the
person did not have a will*
• Completed inventory form* listing
all the deceased’s assets
• Certified copy of the executor’s ID
• Acceptance of Trust as Executor
form* (in duplicate)
• Signed Nomination to act as
Executor form* if the deceased did not appoint an executor or died intestate
*All these forms are available on the Master of the High Court’s website.
WHAT’S NOT INCLUDED IN THE ESTATE?
• Life assurance benefits • Retirement fund savings • Assets held in a trust
STEP 4
Close all the deceased’s bank accounts and open
a new one in the name of the deceased estate. All money that forms part of the estate must be deposited into this account.
STEP 3
Wait for a Letter of Appointment as Executor. If you don’t have the necessary qualifications, the Master
may require that an attorney or auditor be appointed to assist you.
NEED A FINANCIAL ADVISER?
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