Deceased

Executor Services

FAQ

An executor is responsible for ensuring that the terms of the Will are given effect. This is done by the Executor performing various regulatory obligations imposed on the executor by law. For example, placing the advertisements required by law, attending to the submission of the final income tax returns and post death tax returns, drafting and lodging the Liquidation and Distribution Account with the Master of the High Court, and attending to the distribution of the estate as prescribed in the Will, or in terms of a Re-Distribution Agreement.

The Master will require the use of a Professional services firm in the event the Executor is not familiar with the law and procedures in respect of administering deceased estates. For this purpose a 3rd party can be appointed Executor (which may incur costs up to 4% of the gross value of the Estate), or the Executor may utilise the services of a professional services firm at a substantially reduced rate, while retaining the role of Executor. In this latter case, the bulk of the legal and administrative tasks are done by the professional administration firm, under the authority of the Executor.

Using a professional services firm such as DES reduces the costs by over 50%. (By law 3rd party Executors can and will charge 3,5% plus VAT of gross asset value).

It also allows for the Estate to be wound up in half the time it would take a 3rd party, and allows you as Executor to manage the Estate in favour of the beneficiaries during the period of winding up. Further, there is no risk of 3rd parties conducting fraudulent or expensive actions with the estate assets, since you as the Executor retain control of these throughout the process.

You can nominate your spouse to act as executor, or your children or a combination thereof. Their involvement ensures they have oversight and control, and this ensures speedy resolution of the Estate.

It also allows for the Estate to be wound up in half the time it would take a 3rd party, and allows you as Executor to manage the Estate in favour of the beneficiaries during the period of winding up. Further, there is no risk of 3rd parties conducting fraudulent or expensive actions with the estate assets, since you as the Executor retain control of these throughout the process.

A Will only nominates the executor. The Master of the High Court appoints the nominated executor in terms of a document called “Letters of Executorship”. DES will expedite this process, as this document gives the nominated executor the legal authority to administer the estate, thus allowing the process to begin. Once the Executor in nominated, DES will work alongside the Executor, managing all aspects of the relationship with the Master.

It also allows for the Estate to be wound up in half the time it would take a 3rd party, and allows you as Executor to manage the Estate in favour of the beneficiaries during the period of winding up. Further, there is no risk of 3rd parties conducting fraudulent or expensive actions with the estate assets, since you as the Executor retain control of these throughout the process.

Outstanding income tax and occasionally VAT will have to be paid by the estate in addition to income tax on anything earned since the last assessment. Estate duty may also be levied on estates with a net value exceeding R3,5 million. If a spouse inherits the estate, no estate duty will be payable. Some estates will also have to pay capital gains tax – this tax will depend on the growth in value of the assets and the nature of the assets.

It also allows for the Estate to be wound up in half the time it would take a 3rd party, and allows you as Executor to manage the Estate in favour of the beneficiaries during the period of winding up. Further, there is no risk of 3rd parties conducting fraudulent or expensive actions with the estate assets, since you as the Executor retain control of these throughout the process.

This website is Property Of of Deceased Executor Services (Company Registration 2019/633421) Head Office: 14 Silver Pine Avenue, Moret, Johannesburg