estates , may elect to enlist the assistance of an Attorney / Law Firm / Auditor / Auditor ’ s Firm as an Agent or Authorised Person . However , the ultimate legal responsibility for the administration of the Estate rests with the Executor .
If the value of the Estate assets exceeds R250 000 , Letters of Executorship are issued by the Master , whereas if the value is less than R250 000 , Letters of Authority are issued , in terms of which the nominated person does not have to fulfil the complete set of obligations in terms of the Administration of Estates Act 66 of 1965 due to the Estate ’ s value . Practically speaking , on the death of the Testator , the bank accounts and assets of the now deceased are frozen and no transactions may occur without the permission and authorisation of the Master .
As previously mentioned , the primary document in an Estate is a validly executed Will , from which various pieces of important due diligence information can be garnered . But there are also
Learn the lingo
DECEASED ESTATE A deceased estate comes into effect once a person dies . The Estate refers to all the assets and the liabilities that belonged to the deceased at the time of death .
MASTER OF THE HIGH COURT This is the person who will oversee the Estate process and will ensure that the Executor fulfils his / her requirements and duties according to the laws regarding Estates .
EXECUTOR This is the person to be appointed by the Master , is generally nominated in the Deceased ’ s Will , and is responsible for administering and distributing the assets of the Estate as well as accounting for and managing its liabilities or debts and ensures that the wishes of the deceased documented in their will gets carried out .
INTESTATE If an individual dies without having a valid will their estate is considered to be intestate and will be dealt with according to the Intestate Succession Act 81 of 1987 .