Frequently asked questions
Do you have to open an estate account when someone dies
Yes, if the deceased has any assets (at least R 1000) which need to be administered then as per the Administration of Estates Act 66 of 1965, an Estate Late bank account will need to be opened.
Do I have to pay taxes on the sale of my deceased parents home
Yes. Taxes will be payable either as part of the Estate if you sell it before the Estate is finalised, or as Capital Gains Tax on your individual profile if you sell it after you have inherited it.
Can a house / property stay in a deceased person’s name ?
No, all assets in the name of the deceased will have to be transferred to the heirs of the Estate to be able to close off an estate and obtain the filing slip from the Master of the High Court, according to the deceased Administration Act.