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mallinicks

A guide to the winding
up of deceased estates

| Why make a Will? | 'The Living Will' | Gold Bar
WHEN A PERSON DIES, HIS OR HER ESTATE MUST BE WOUND UP. THIS MEANS THAT, FIRST, ALL THE CREDITORS OF THE ESTATE ARE PAID AND, NEXT, THE DECEASED'S ASSETS ARE DISTRIBUTED TO HEIRS AND BENEFICIARIES. IF THE DECEASED HAS LEFT A VALID WILL, THE ASSETS WILL BE DISTRIBUTED ACCORDING TO THE WILL; OTHERWISE HIS OR HER ESTATE WILL BE DISTRIBUTED IN TERMS OF THE INTESTATE SUCCESSION ACT.

These steps must be followed:

Once these steps have been complied with, the estate has been reported. Now it is necessary to have an executor appointed, who has the job of handling the winding up of the deceased estate. If someone is nominated as executor in the will, this person can apply to the Master for an official appointment (involving the issuing of letters of executorship). The executor has the following duties:

(Where the value of the property or estate is less than fifty thousand rand then different formalities apply. For instance, the Master does not need to appoint an executor - the Master can instead give directions as to how the estate is to be liquidated and distributed.)

Gold Bar 'MALLINICKS'
ATTORNEYS
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