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What is the standard fee for an executor of a will?
The Administration of Estates Act regulates executor fees by way of a set tariff of 3.5% (excl. VAT) of the gross value of assets in the estate, and 6% (excl. VAT) on all income received into the estate during ...Can an executor of a will be a beneficiary?
When drafting your will, there are certain key individuals who should be listed. Among these are the executor and your beneficiaries. Legally, an executor of a will can also be a beneficiary, but there is a lot more to it....Can you benefit from a will if you are an executor?
In their professional capacity, an executor may not benefit from a will, other than through the professional fees for fulfilling the executorship role, as governed by law. However, if the executor has been specified in the will as a beneficiary, ...Can an executor of a will spend the money?
An executor may use the money in an estate for payment of fees and costs related to the administration of the deceased estate. Executors of wills are legally liable for the estate and are required by the Master of the ...How do I claim from a deceased estate?
A 'claim' against a deceased estate refers to a creditor claiming for outstanding debt against the deceased estate. According to South African law, a creditor has two opportunities to lodge such a claim. The executor overseeing the estate administration process ...Can you sue an estate after probate?
In South Africa, a deceased estate is lodged with the Master of the High Court to obtain the Letters of Executorship. A creditor has two opportunities to lay a claim against the deceased estate. However, depending on the country (offshore), ...