Until this week, estates with a value greater than R125 000 had to have an executor. The amount set in terms of the Administration of Estates Act was increased to R250 000 by Michael Masutha, the Minister of Justice and Constitutional Development.
Who is the executor of Charlie’s estate?
Charlie passed away and Fiona was appointed in Charlie’s Will to be the executor of his deceased estate. She is not familiar with what this entails and wants to know what her duties will be as an executor.
When do you not have to appoint an executor to an estate?
If your estate is worth less than R250 000 when you die, your heirs will not have to appoint an executor. Until this week, estates with a value greater than R125 000 had to have an executor.
Where does an executor of a deceased estate go?
These accounts must then be lodged at the offices of the Master of the High Court. These accounts will set out the assets and liabilities, as well as how the deceased estate will be divided and distributed between the heirs of the estate.
How does an executor determine the value of an estate?
The executor can’t use date of death values for some and alternate valuation date values for others, effectively picking and choosing the best option for each asset. Some assets might increase in value over six months, potentially erasing any reduction in the overall estate value achieved by assets that have depreciated.
Can a Master of the high court dispense with a letter of executor?
However, if the value of the estate is less than R250 000, the Master of the High Court may dispense with letters of executorship and issue “letters of authority” in terms of section 18 (3) wherein which the full procedure as set out in the Act need not be followed. 6. Documents required in the event of the value of the estate exceeding R250 000
Can a representative of an estate be appointed as an executor?
Visser says if an estate is smaller than R250 000, the Master of the High Court may appoint a representative instead of an executor, and there will be no need to advertise the estate or draw up a liquidation and distribution account as is required for estates of higher value in terms of the Administration of Estates Act.
