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What happens if an estate is not settled?
If an estate has a shortfall, the executor will either sell assets to meet the financial requirements or the heirs will pay the shortfall to preserve the assets, such as property, for the assets to be transferred to them. However, ...What happens to my estate when I die?
What you have stated in your will is what is actioned after your death. If you do not have a valid will your estate will be distributed in accordance with the Intestate Succession Act which will not reflect your wishes ...What is an estate after death?
After someone dies, someone (called the deceased individual’s Executor or Administrator) must deal with their money and property (the deceased individual’s estate). They need to pay the deceased individual’s taxes and debts, and distribute the money and ...What is an executorship?
The administration of deceased estates is generally the process of winding up the affairs of the deceased and is governed by the Administration of Estates Act, 66 of 1965 (as amended). These duties and processes need to be fulfilled by ...What is estate administration?
Estate Administration is the process whereby a person’s assets are either redeemed/transferred and their debts paid. The balance of their assets are then transferred to the Beneficiaries of the person’s Estate – either in terms of a Will ...What is the role of an administrator of an estate?
An administrator takes care of the administrative tasks relevant to the tying up of a deceased estate. The Administrator does not hold any power of attorney unless specifically given such by the Executor....