The Process in winding up a Deceased Estate
• The estate of a deceased person should be reported to the Master, usually within 14 days from the date of death.
• The Executor appointed in terms of the will, will have to complete the relevant documentation for lodgement at the Master’s office in the jurisdiction within which the deceased resided. A Letter of Executorship or a Letter of Authority is then issued by the Master of the High Court. This Letter of Executorship authorises the executor to wind up the estate.
• On receipt of the Letter of Executorship, the Executor will publish notices in the local newspapers and the government gazette, so that should the deceased have had any creditors, they may submit their claims to the Executor accordingly, within 30 days.
• The Executor then drafts and submits the Liquidation and Distribution Account to the Master of the High Court for approval. This account will be advertised and lie for inspection at the Magistrate’s Court with the relevant jurisdiction for any objections. Upon the expiry of 21 days of the account lying for inspection and once the dies for the advertisement has expired, the executor may then proceed to transfer any immoveable properties within the estate as directed by the will of the deceased.
• The heirs may then be paid out in terms of the Liquidation and Distribution Account