What happens if an estate is not settled?
If an Estate has a shortfall the Executor will either sell off assets to meet the financial requirements or the heirs will pay in the shortfall to preserve the assets in order for them to take transfer of the said assets.
What does “estate of a deceased person” mean?
Legally, Estate is everything you own (properties, bank accounts, etc).
What are the powers of the executor of an estate?
The Master of the High Court grants the Executor the same powers as though he is the deceased individual himself.
What are the duties of an executor of an estate?
The Executor plays a vital role in ensuring that all processes are handled with the utmost efficiency and professionalism.
Is life insurance part of a deceased person’s estate?
The simple answer is No. The complex answer is that the proceeds from a life insurance policy are paid to the Beneficiaries as nominated on the form given to the company that issues the policy.