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 an executor refuse to pay a beneficiary?
The simple answer is, yes. An Executor does have the discretion to not pay a Beneficiary’s inheritance over to them, however this is generally only exercised when the Beneficiary is considered incapable of managing their own finances.
Can a house (property) stay in a deceased person’s name?
No. All assets in the name of a deceased individual will have to be transferred to the Beneficiaries for the fiduciary company to attend to the closure of the Estate and obtain the filing slip from the Master of the High Court, as according to the Administration of Estates Act.