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What happens if an estate is not settled?
If an estate has a shortfall, the executor will either sell some assets to meet the financial requirements, or the heirs could pay the shortfall to preserve the assets, so that assets such as property can be transferred to them. ...What happens to my estate when I die?
What you set out in your last will and testament is what must be actioned after you pass away. If you pass away without a valid will in place, your estate will be distributed according to the Intestate Succession Act ...What is an estate after death?
After someone passes away, a person known as the deceased person’s executor or administrator, deals with their money and property (known as the 'deceased estate'). The executor settles the deceased person’s outstanding debts and taxes, and distributes their ...What is an executorship?
The administration of deceased estates generally involves the process of winding up the affairs of a deceased person, and it is governed by the Administration of Estates Act, 66 of 1965 (as amended). The duties and processes to finalise a ...What is estate administration?
Estate administration is the process whereby a person’s assets are either redeemed/transferred and their outstanding debts and taxes settled. The balance of their assets is then transferred to the beneficiaries of their estate, either in terms of their ...What is the role of an administrator of an estate?
An administrator takes care of a long list of tasks associated with winding up a deceased estate. The estate administrator does not have Power of Attorney unless it is specifically granted by the executor....