Anonymous

What Is The Legal Nature Of A Deceased Estate In A South African Context?

5

5 Answers

donna jackson Profile
donna jackson answered
I'm not entirely sure what you mean by the legal state. It depends on the estate in question, how it was set up, and what provisions were made by the person in their lifetime.
So for example:
Did this person have an executor of his or her estate. An executor (often a lawyer, or firm of executors) when appointed, acts as the final word on this estate.
Lets say Mrs Smith dies leaving two adult children behind, and was divorced in her lifetime.
Perhaps her former husband wants to make a claim on her estate after her death, he will have to go through her executors ( In some cases this can be a family member, for example an adult child)
On her death all insurances, investments and income will be managed by the executor. Who will then pay any debtors who may a claim on the estate, within a limited period, normally within a year. The estate is published in the newspaper with the executors contact details and any claims thereafter must be made to the executors.
When all is finalised, and the executors have extracted their percentage for carrying out this work, they will then give the remainder of the funds to the heirs, according to the will which they themselves hold.
So lets say Mrs Smith had allocated her estate equally to her two children, they would both receive 50% of the estate remaining.The ex husband not mentioned as an inheritor, would have no claim.
However to get around this costly and lengthy process and to avoid death duty, the family may set up a simple trust so that the property does not belong to Mrs Smith but is in the name of her two children. They are the legal owners, so that on her death nothing changes hands, and no death duty is levied on properties.
So you need to establish who wrapped up this estate.
Anonymous Profile
Anonymous answered
My husband passed away, there is only a car and a gun in the estate, the car is the only means of transport for me and my children. He had debt! Is there a way that I can keep the vehicle? He did not have a will and we are married out of community of property. Is there anything I can do?
Akshay Kalbag Profile
Akshay Kalbag answered
The law in South Africa states that all the estates of the deceased and any donations which are made to them will be considered a taxable income. The beneficiaries of the estates of all those South African citizens who have died and the recipients of the donations will have capital gains tax levied on them.

Capital gains tax is abbreviated as CGT. However, if a couple that has got married and then separated the transfer of the assets that belong to the estranged couple (as a result of their divorce) and the donation that the couple makes to each other upon splitting is considered not subject to capital gains tax.

As reimbursement for the impact of CGT, the tax billed on estate duty and donations were reduced from twenty-five per cent to twenty per cent.
Brian linnekens Profile
Brian linnekens answered
A deceased estate comes into existence when a person dies and leaves property and/or a document that is a will or is intended as a will. The estate must then be administered and distributed, either in accordance with the deceased's will or, if the deceased did not leave a will, in accordance with the provisions of the law. The Administration of Estates Act, 1965, prescribes the procedure to be followed for administering a deceased estate.
The estate of a deceased person must be reported to the Master within 14 days of the date of death. The death can be reported by any person who has control or possession of any property belonging to the estate of the deceased, or who has control or possession of a document by the deceased that is or purports to be a will.
Anonymous Profile
Anonymous answered
My Father passed away 13 teen years ago. When he did, I was sent to live with my relatives in Cape Town. I was only 11 when he did.
How do I find out what happened to all his funds and if he had a will or an insurance. I don't know what bank he belonged too. So where do I start to look?

Answer Question

Anonymous