A deceased estate comes into existence when a person passes away, they may so pass with or without a will (testate or intestate, respectively).
Such estate must then be administered and distributed in terms of the deceased’s will or failing a valid will, in terms of the intestate succession Act 81 of 1987.
Accordingly, upon the death of a person, the surviving spouse or nearest relative residing in the district where the death has taken place, shall within 14 days give notice of death substantially in the prescribed form to the Master of the High Court.
Where the deceased was living in South Africa, the estate must be reported to the master of the high court in whose area of jurisdiction the deceased was living within the 12 months prior to his/her death.
If the value of the estate exceeds R250 000.00, letters of executorship must be issued (and applied for by the intended executor) by the master and full processes as prescribed by the administration of estates Act must be followed.
If the value of the estate is less than R250 000.00, the master may instead issue a letter of authority in terms of section 18(3) of the administration of estates Act, meaning the full process prescribed by the administration of estates Act will not have to be followed completely.
If the deceased leaves no spouse or descendants, but both parents are alive, then the surviving parents will inherit the intestate estate in equal shares.
If the deceased leaves no spouse, no descendants but leaves one surviving parent and the deceased parent has descendants (Brothers/sisters of the deceased), then the surviving parent will inherit one half of the intestate estate and the descendants of the deceased parent the other half in equal shares.
The factors are not exhaustive, but showcase the confusing and technical nature of estates.
Save for the above, estates, and the administration thereof, can be time consuming.
We suggest contacting our office should you require assistance with an estate. To prevent issues as outlined above, we also suggest drafting a will (testate), and confirm that we also assist therewith.