LATE & INSOLVENT ESTATE TRANSFER IN SOUTH AFRICA
Your Preferred Legal Partner In The Transfer Of Deceased & Insolvent Estates In South Africa
WHAT DO ESTATE LATE & INSOLVENT ESTATE TRANSFERS ENTAIL IN SOUTH AFRICAN LAW?
What does estate late mean?
A deceased estate comes into existence when a person dies and leaves behind properties or assets.
What is an insolvent estate?
An estate is declared insolvent when its assets are insufficient to meet the debts and liabilities to which it is subject.
Should there be an intestacy (when a decedent passes away without a last will and testament, known as dying intestate) or testacy (when a decedent passes away with a last will and testament, known as dying testate), PM Attorneys’ experienced deceased estate attorneys will be able to procure favourable outcomes.
SPECIALIST DECEASED ESTATE TRANSFER SERVICES
PM Attorneys assist in all aspects of deceased estates, including but not limited to:
Acting as executors and as agents for executors of deceased estates.
The distribution of assets to heirs and legatees.
Preparing the liquidation and distribution account. Closing the deceased person’s bank accounts and placing the money in an estate late account.
The lodging of tax returns compliant with SARS.
Tax advice, including estate duties and CGT (capital gains tax)
Interpretation of wills.
Notice and payment to all creditors on approval by the Master of the High Court.
Lodging the administration account of the estate with the Master of the High Court.
Preparation and lodgement of reporting documents at the office of the Master of the High Court.
The calculation of estate duty.
Transfer of immovable property.
Point of contact for concerns regarding the estate whilst in the process of winding up.
SPECIALIST INSOLVENT ESTATE TRANSFER SERVICES
The executor’s duties are to ensure that action takes place should a deceased estate be declared insolvent. The administration of a deceased estate is done in accordance with Section 34 of the Administration of Estates Act 66 of 1965 and the insolvency Act 24 of 1936. The executor has to inform the creditors of the estate’s insolvent status. Creditors can direct the executor to surrender the estate under the Insolvency Act or hold movable assets as security. The executor has to realize the estate and proceed to the Master of the High Court to submit an account. Any funds available in the estate will be paid to the creditors of the deceased estate in order of preference.
WHAT IS THE PROCESS INVOLVED IN A DECEASED ESTATE TRANSFER?
Deceased estate transfers refer to the property transfer that needs to be transferred from the deceased estate to the heir. The executor gathers all assets and liabilities together for distribution to the identified heirs. The executor submits the liquidation and liabilities account to the Master of the High Court. Transfer of the property can only happen once the Master has approved the account. Transfer from the deceased estate to the heir and from the heir to a third party requires approval by the Master of the High Court to happen simultaneously.
INSIST ON DEALING WITH EXPERIENCED DECEASED & INSOLVENT ESTATE TRANSFER LAWYERS
Losing someone close to you can be very traumatic. The last thing you want to do is have delays winding up the estate for your loved ones. Transferring immovable property from a deceased estate to the heirs or to a third party purchaser is a complex process, which is best dealt with by experienced conveyancing and property law attorneys. Upon the death of a loved one, the High Court will appoint an executor to administer the deceased estate. The administration of late or deceased estates and insolvent estates can be fraught with legal protocol causing unnecessary frustration to the grieving heirs/parties. Be sure to rely on and book a consultation with PM Attorneys’ team of experts.
PM Attorneys boast extensive experience, knowledge and years in practice, making us the preferred legal partner in South African Law. Contact us for professional, expert advice and effective legal solutions to your estate late and insolvent estate matters.
