{"id":9,"date":"2018-12-01T12:00:33","date_gmt":"2018-12-01T12:00:33","guid":{"rendered":"http:\/\/cornelbothaattorneys.co.za\/?page_id=9"},"modified":"2020-10-30T04:08:26","modified_gmt":"2020-10-30T04:08:26","slug":"administration-of-estate","status":"publish","type":"page","link":"https:\/\/cornelbothaattorneys.co.za\/index.php\/home\/administration-of-estate\/","title":{"rendered":"Administration of Estate"},"content":{"rendered":"

WHAT THE ADMINISTRATION OF AN ESTATE ENTAILS:<\/strong><\/h2>\n

Step 1:<\/strong> Reporting documents are completed in presence of next of kin and executor to be appointed. We have a very thorough first consultation with the next of kin\/executor and obtain instructions regarding what should happen to estate assets (e.g. whether a property must be sold or transferred).<\/p>\n

Step 2:<\/strong> Application for Letters of Executorship is submitted with the Master.<\/p>\n

Step 3:<\/strong> Once Letters of Executorship has been received the following must be done:<\/p>\n

\u2022 Creditors advertisement must be place in Government Gazette and local newspaper;<\/p>\n

\u2022 Estate Bank account is opened;<\/p>\n

\u2022 Letters to all institutions where deceased held assets are sent out;<\/p>\n

\u2022 Letters to all creditors are sent out;<\/p>\n

\u2022 Standard Letter to SARS is sent out;<\/p>\n

\u2022 Valuations of assets are obtained;<\/p>\n

\u2022 If the deceased was a member of a close corporation or a shareholder in a private company, the accountant\/auditor of the close corporation\/company is requested to furnish us with a valuation of the membership\/shareholding as at date of death as well as financial statements for the two financial years prior to death together with statements prepared up to date of death. In certain instances this valuation must be submitted with SARS to be approved;<\/p>\n

\u2022 Assets are realised in accordance with the instructions of the heirs, if applicable;<\/p>\n

\u2022 All the documents that are required in order to attend to any outstanding tax returns of the deceased, including the final tax return for period up to date of death, are requested from the various institutions. Once received we instruct a tax consultant to prepare and submit the outstanding tax returns on behalf of the estate;<\/p>\n

\u2022 Once all estate assets that must be collected have been collected a First & Final Liquidation & Distribution account is prepared and submitted with the Master of the High Court for their approval;<\/p>\n

\u2022 The First & Final Liquidation and Distribution account is also submitted with SARS together with an application for a tax compliance certificate. The tax compliance certificate is followed up until received from SARS;<\/p>\n

\u2022 Once the Liquidation & Distribution account has been approved, the account is advertised in terms of section 35 of the Administration of Estates Act to lie open for inspection at the relevant Master\u2019s office as well as the Magistrate\u2019s office of the district where the deceased normally resided;<\/p>\n

\u2022 Once the First & Final Liquidation & Distribution account has lain open and free from objection the assets that are awarded to heirs are transferred into their names;<\/p>\n

\u2022 Once all assets have been transferred into the names of heirs we submit the final requirements to the Master and obtain a release as proof that all the Master\u2019s requirements have been meet.<\/p>\n","protected":false},"excerpt":{"rendered":"

WHAT THE ADMINISTRATION OF AN ESTATE ENTAILS: Step 1: Reporting documents are completed in presence of next of kin and executor to be appointed. We have a very thorough first consultation withRead More…<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":2,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-9","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/pages\/9","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/comments?post=9"}],"version-history":[{"count":8,"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/pages\/9\/revisions"}],"predecessor-version":[{"id":157,"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/pages\/9\/revisions\/157"}],"up":[{"embeddable":true,"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/pages\/2"}],"wp:attachment":[{"href":"https:\/\/cornelbothaattorneys.co.za\/index.php\/wp-json\/wp\/v2\/media?parent=9"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}