WILLS & ESTATES
Q . HOW DOES A DECEASED ESTATE WORK ?
In South Africa , when the registered owner of Immovable Property has died , the property needs to be transferred to someone else . A deceased estate comes into existence when a person dies and leaves property or a will . Such an estate must then be administered and distributed in terms of the deceased ’ s will . If there is no valid will , the estate will be administered in terms of the Intestate Succession Act ( Act 81 of 1987 ).
The estate of a deceased person must be reported to the Master of the High Court within 14 days of the date of death . Anyone who oversees the deceased ’ s property or is in possession of their will may report their death by submitting a completed death notice to the Master .
The Master of the High Court appoints an Executor to manage the estate of the deceased when a person passes away . The only person who is lawfully authorised and empowered to manage the deceased ’ s assets is the Executor . The goal is to safeguard the heirs ’ financial interests and the orderly winding up of the deceased ’ s financial affairs .
No one is authorised to represent the deceased ’ s estate until an Executor is named . This means , among other things , that no one may sign any documents relating to a transfer of an immovable property owned by the deceased , including a sale agreement .
Q . WHAT HAPPENS WHEN A SECTIONAL TITLE OWNER DIES ?
When the owner of a property in a sectional title dies and is no longer available to fulfill his duties and responsibilities , ownership of the section remains with the
76 SEPTEMBER 2022 SA Real Estate Investor Magazine