WILLS & ESTATES
your Estate . The fee is calculated on the worth of your Estate and is capped at R7 000 .
5 . CORRESPONDENCE FEES
These are the fees associated with corresponding with the Master of the High Court . It could be for documents , duplicates of documents , stamps , and postage . There is no fixed amount , but usually it is not significant .
6 . CLEARANCE FEES
One of the requirements to transfer a property is obtaining a clearance certificate from the city council or municipality . This will be issued only if the rates and taxes are paid in advance . Some areas require up to 6 months paid in advance .
7 . ADVERTISEMENT COSTS
Two advertisements must be placed in a local newspaper and the Government Gazette . The costs can vary between R1 000 and R1 500 depending on the publication selected .
8 . ESTATE LATE BANK ACCOUNT
Banks generally charge in the region of R600 and upwards to open an Estate late bank account .
9 . BOND CANCELLATION COSTS
If your Executor is required to cancel a bond over the fixed property , the Estate will have to pay the bond cancellation costs . Bond cancellation attorneys must be appointed through the bank that issued the bond . Costs to cancel the bond range around the R5 000 mark but can be higher depending on the lender .
10 . PROFESSIONAL FEES
The Executor of your Estate may need to use professionals to assist with the winding up of your Estate , the cost of which will have to be paid by the Estate . An example is if you are married with the accrual system . In such a case the Executor might have to make use of an accountant to determine the accrual .
112 DECEMBER 2022 / JANUARY 2023 SA Real Estate Investor Magazine