Event Details

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 โ€“ 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 โ€“ section 2 of the Wills Act no 7 of 1953
  • If signed Will does not comply with formalities โ€“ section 2(3) of the Wills Act no 7 of 1953 โ€“ 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 โ€“ Schedule 4 โ€“ Regulation 5
  • Account to lay open for inspection โ€“ 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 โ€“ consent by all heirs
  • Estate planning
  • Old outdated Wills
  • Divorce orders โ€“ 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 โ€“ 4 Verifiable CPD Points per module
  • No time limit to complete

Speakers

  • Ruzel Van Jaarsveld (Biz Facility)

    Ruzel Van Jaarsveld

    Biz Facility

Community

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Tickets

Members

Your tax invoice will be sent to you within 24 hours

Member Price R 750
Non-Members

Your tax invoice will be sent to you within 24 hours

Standard Price R 1 500