A deceased estate comes into existence when a person dies leaving property or a document which is a will or purports to be a will. Such an 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.

With proper knowledge and a structured application any deceased estate can be finalized with the least amount of difficulty and delay.

The administration of a deceased estate is done within the framework of and in compliance with the Administration of Estates Act 66 of 1965. The administration process entails a large amount of detailed administrative work. The processes and timelines to follow, can become complicated and overwhelming.

Module 1: Last Will & Testament

• Drafting of a valid Last Will and Testament
• Signing of a valid Last Will and Testament
• Competency to make a Last Will and Testament
• Effect of divorce or annulment of marriage on will – 3 months grace period
• Encourage your client to review their Last Will and Testament at least once a year
• Encourage your client to make a list of their assets at least once a year
• Cremation / organ donation
• Who can sign as witnesses to a Last Will and Testament
• Statutory requirements / formalities of valid Last Will and Testament – section 2 of the Wills Act no 7 of 1953
• If signed Will does not comply with formalities – section 2(3) of the Wills Act no 7 of 1953 – Court to declare Last Will and Testament valid

Module 2: Reporting of Deceased Estate to the Master's Office

• Correct completing of reporting documentation
• Required documentation:
• Marriage certificate
• ID of deceased
• Death certificate
• ID of Executor
• Letter to Master
• Templates provided:
• Death Notice
• Master's Directions (estate smaller than R250 000)
• Acceptance of Executor (estate larger than R250 000)
• Inventory
• Next of Kin affidavit (intestate estates only)
• Nomination (intestate estates only or alternative Executor)
• Letter to Master of the High Court

Module 3: Administration Process After the Letters of Executorship Have Been Issued

• Gathering of assets
• Opening of estate late banking account
• Establishment of creditors / creditor's claims / when creditors get paid
• Write to financial institutions / banks / insurance companies
• Vehicles
• Immovable property

Module 4: Drafting of Liquidation and Distribution Account

• Drafting of Liquidation and Distribution Account – Schedule 4 – Regulation 5
• Account to lay open for inspection – Magistrate's Court
• Administration costs
• Possible cash contribution outstanding bond and the impact of the surviving spouse / co-owner

Module 5: Estate Duty

• Outstanding returns of deceased up to date of death
• All outstanding returns must be filed to date of death
• New Income Tax profile must be created for the Estate
• After death income / expenses
• Deceased's personal SARS profile must be deregistered
• Estate Duty and the calculation thereof
• Surviving spouse's inheritance (section 4q)
• Maintenance payments
• Policies paid directly to third parties
• Administration costs
• Other exemptions
• Transfer duty
• Any SARS tax is an administration cost in the estate

Module 6: Practical Approach to Common Pitfalls

• A dependent claims that they have not been properly provided for under the Will
• A dispute arises with respect to the care of children
• Beneficiaries feel the Executor's or Administrator's fees are too high or not appropriate
• A dispute arises over the sale of property or personal assets
• A creditor alleges that a disputed debt is owed to them
• Someone refuses to turn over an asset belonging to the estate
• Joint ownership of assets and disclaimers
• Digital records and passwords
• Filing a late estate claim
• Deceased had other children nobody knew about
• Under estimation of Estate Duty
• Personal loan accounts owed to companies/ business from deceased borrowed from business then payable back on death
• Cash shortfall
• Possible capital gains tax
• Outstanding tax returns and TAX owed
• Intestate succession – consent by all heirs
• Estate planning
• Old outdated Wills
• Divorce orders – i.e. immovable property not transferred at date of divorce order
• Maintenance i.t.o divorce orders

All Included:

• Video presented courses
• Downloadable course material
• Certificates of training
• Assessments (optional)
• SAIT Accredited – 4 Verifiable CPD Points per module
• No time limit to complete