Deceased Estate Administration, Wills and Trusts

 

 

 

Unmarried partners are not automatically entitled to inherit. They must prove a reciprocal duty of support to claim any inheritance unless explicitly included in a will.

 If you die without a valid will, your estate will be distributed according to the Intestate Succession Act. This means your surviving spouse, children, parents, or siblings will inherit based on a set formula.

An outdated will can lead to unintended consequences, such as an ex-spouse inheriting after a divorce if the will isn’t updated. If the deceased dies more than three months after a divorce without revising their will, the ex-spouse may still inherit.

If both parents are deceased, a will can nominate a guardian for minor children. Without a will, the State determines guardianship, potentially placing children with unfamiliar or unsuitable individuals. Inheritance for minors is managed by the Guardians’ Fund, unless a trust is specified in a will.

If there are no relatives, your estate will go to the State and be held in the Guardians’ Fund. If unclaimed within 30 years, the funds are forfeited to the State.

Without a will, the Master of the High Court appoints the executor, often based on nominations from the deceased’s heirs. This may cause delays, additional costs, and family frustration.

Expert Guidance A lawyer ensures your will complies with legal standards and helps structure your estate to minimize taxes and other costs, such as estate duty and Capital Gains Tax.
Avoid Delays An invalid or poorly drafted will can cause delays, leading to unnecessary expenses and disputes. Lawyers help ensure everything is legally sound and efficient.
Keep Your Will Updated Life events such as marriage, divorce, or the birth of children require updates to your will. A lawyer can remind you to review and amend it as needed.
Manage Family Dynamics Lawyers can navigate complex family situations, reducing potential conflicts and ensuring your wishes are honored.
Peace of Mind With professional legal support, your estate will be handled smoothly, giving your loved ones security and minimizing stress during a difficult time.

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Deceased Estate Administration, Wills and Trusts in South Africa

Deceased estates, wills, and trusts are crucial for protecting your financial legacy and ensuring your wishes are honored. Our legal team specializes in providing expert guidance in these areas, helping you navigate the complexities of South African law with ease.

A deceased estate is created when a person passes away, leaving assets and possibly a will. Administering the estate involves collecting assets, settling debts, and distributing the remaining property to beneficiaries, either according to a valid will or under the Intestate Succession Act 81 of 1987 if no will exists.

Last Will and Testament

Key Steps in Estate Administration

  • Reporting the Estate The executor reports the estate to the Master of the High Court.
  • Valuing Assets and Liabilities  All financial aspects of the estate are assessed.
  • Liquidation and Distribution  Assets are liquidated to settle debts, and the remainder is distributed to beneficiaries.

Wills

A valid will ensures your assets are distributed according to your wishes, avoiding disputes and the complications of intestate succession. The Wills Act 7 of 1953 governs the requirements for drafting a legally binding will.

Dying Without a Will

If no will exists, the estate is distributed under the Intestate Succession Act

  • Surviving spouses and dependents inherit according to prescribed rules.
  • Without heirs, the estate passes to the Guardians Fund or the state after 30 years.

Why Have a Will?

  • Avoid conflicts among heirs.
  • Determine how assets are distributed, ensuring vulnerable dependents are protected.
  • Minimize estate duty and taxes through proper planning.

Key Components of a Will

  • Appointment of a reliable executor.
  • Clearly specified beneficiaries.
  • Legacies, including gifts of money or property.
  • Trusts for minors to manage long-term assets.

Requirements for a Valid Will

  • Signed by the testator at the document’s end.
  • Witnessed by two competent individuals aged 14 or older.
  • Amendments must meet the same formalities as the original document.

Trusts

A trust is a legal arrangement where assets are managed by trustees for the benefit of specified beneficiaries. Trusts are useful for protecting dependents and ensuring financial security.

Types of Trusts

  • Inter Vivos Trust Established during the founder’s lifetime.
  • Testamentary Trust Created through a will and activated upon death.

Benefits of Trusts

  • Protects assets from creditors and mismanagement.
  • Provides financial security for beneficiaries.
  • Enables tax-efficient estate planning.

Trustee Responsibilities

  • Manage assets responsibly and transparently.
  • Avoid conflicts of interest.
  • Maintain detailed records and accounts.

Customary and Religious Law

South African law allows estate planning that respects cultural or religious practices, provided legal requirements are met.

  • Islamic Wills Must comply with Shari’ah law while adhering to South African legal formalities.
  • Customary Law Estates Recognizes inheritance practices in customary marriages, including polygamous arrangements.

Estate Duty and Taxes

Estates valued over R3.5 million are subject to a 20% estate duty. Proper planning can reduce liabilities.

Deductions Before Estate Duty

  • Outstanding debts.
  • Executor and Master’s fees.
  • Bequests to a surviving spouse.

Delays in Estate Administration

The average estate takes 9 months to wind up, but delays can occur due to

  • No valid will.
  • Missing or incomplete documents.
  • Complex business structures.
  • Disputes among heirs.

Avoiding Delays

  • Provide accurate information to the executor.
  • Keep estate-related documents safe and accessible.
  • Ensure proper estate planning and a valid will.

Why Work With Us?

Our legal team offers

Comprehensive Services from estate planning to trust creation and estate administration.

Personalized Advice with solutions tailored to your financial and family needs.

Efficiency and Professionalism for prompt and accurate resolution of estate matters.

Secure Your Legacy Today

Protect your loved ones and ensure your wishes are fulfilled. Contact our legal team for expert assistance with estate planning, wills, and trusts. Let us help you plan for the future with confidence and peace of mind.