FICA COMPLIANCE
A
Late Estate is formed when a Testator ( someone who has made a validly executed Will ) becomes deceased and is used as a means or a vehicle by which the various assets that were listed in the Will and which now form part of the Estate are distributed and to which heirs . Heirs are the beneficiaries that are listed in terms of a Will and upon a deceased ’ s death , stand to inherit the deceased ’ s property , which may include immovable property ( ie : a house ) or movable property ( ie : proceeds of a life insurance policy , an investment , cash etc ).
In addition , an Executor is generally nominated in a Deceased ’ s Will and is appointed by the Master , being charged with the responsibility of administering and distributing the assets of the Estate as well as accounting for and managing its liabilities or debts . The Master is the supervisory authority for the administration of the Estate , who assists the Executor in his / her duties , and whose primary function is to ensure the seamless administration of the Deceased ’ s financial affairs and the protection of the heirs listed in the Will .
“ If the deceased was married in community of property , the joint estate is frozen , which necessarily adversely affects the surviving spouse in being able to access accounts / estate assets .”
Generally speaking , an Executor nominated in a Will , who in some cases may be a family member of the deceased and is perhaps a lay person in terms of the law relating to the administration of
116 DECEMBER 2022 / JANUARY 2023 SA Real Estate Investor Magazine