WHY REPORTING AN ESTATE TO THE MASTER OFFICE IS SO IMPORTANT
- It is compulsory, as per legislation, to report a deceased estate within 14 days after a person has passed away.
- The Master of the high court will issue a letter of authority/executorship. This letter authorises a person to act on behalf of the deceased estate as either an executor or a master representative.
- All immovable assets (Property) must be transferred in the name of the heirs (the person who inherits the asset(s)). This is only possible one a letter of executorship or letter of authority has been issued by the Master of the High Court. A property cannot be sold or transferred without the consent of the executor and heirs.
- All creditors must be paid to prevent legal action against the deceased estate and consequently against the assets of the deceased. This must take place prior to distribution of the assets.
- Funds (monies) that the deceased had at the time of his/her death is to be released and may only take place once a letter of executorship is presented together with proof of an estate late bank account. Such a bank account can only be opened if you are in possession of a letter of executorship/authority.
- It is recommended that you make use of an attorney/accountants firm with a deceased estate department that deals with estates on a regular basis to ensure that the estate is administered properly.
For more information regarding deceased estates and executorships, please feel free to contact us.