Value of Estates with Assets Under R250 000.
A Letter of Authority is issued by the Master of the High Court. A simpler, more cost-effective administration process for smaller estates.
In this type of estate, a Letter of Authority is issued by the Master of the High Court. The entire value of the estate must be valued at less than R 250 000-00.
Once the Letter of Authority has been issued, the executor can approach financial institutions where the deceased might have bank accounts, investments, policies etc, for closure of any or all accounts, and for payments of any credit balances to be made to estate late bank account (which will be opened by the executor). Once all the funds have been received, it will be distributed to the heirs/beneficiaries by the executor in terms of the Last Will and Testament of the deceased, together with any other assets which the deceased might have bequeathed to an heir.
Should the deceased have fixed property, which is bequeathed to a beneficiary, then transfer costs will also be payable, as the property will have to be transferred to the beneficiary.
In an estate with a value under the abovementioned amount, the death does not have to be advertised in the local newspaper where the deceased resided, nor in the Government Gazette.
An agreed fee will be charged by the Executor for the administration of the estate.
The documents which the executor will need to report the estate to the Master, is enclosed below as “Documents Needed to report a deceased Estate to Master”.
Documents needed to report a deceased estate to the Master.
- Original Will (if deceased died testate)
- Death Certificate (if unnatural death, details of cause of death to be provided)
- ID of deceased
- ID of surviving spouse (if applicable)
- Inventory of assets of deceased
- Inventory of Liabilities of deceased (Loans made, clothing accounts etc, if applicable)
- Municipal Account
- Vehicle registration papers (if applicable)
- Car and Home Insurance Policies (if applicable)
- Title Deeds (if applicable)
- Funeral Policies
- Life Insurance / Retirement Annuities / Pension Fund Policy documents
- Share Certificate (if applicable)
- Bank Accounts of deceased
- Details of Bond Accounts of deceased
- Contact details of heirs
- Proof of Bank Accounts of heirs
- Proof of address of deceased
- Proof of address of heirs
- Executor's contact details (if not Fiona Williamson)
- Executor's ID (if not Fiona Williamson)
- Executor's Proof of Address (if not Fiona Williamson)
- Medical Aid Policy, contact numbers and membership number
- Marriage Certificate (if applicable)
- Antenuptial Contract of deceased (if applicable)
- If divorced, Decree of Divorce and Settlement Agreement
- Investment Accounts, account numbers and name of Institution
- Income Tax number of deceased
- Identity documents of all the heirs
- TV Licence (if applicable)
- DSTV account (if applicable)
- Timeshares (if applicable)
- Details of any business Interests (if applicable)
For larger estates, a different procedure applies.
Read about the procedure, advertising requirements and Liquidation & Distribution Account for estates valued above R250 000.
