| No. | DESCRIPTION | INDUSTRY NORMS | OUR TIMELINE |
| 1.
|
Obtain all relevant documentation on check lists from surviving spouse/heirs | 1 WEEK | |
| 2. | Complete Death Notice, Inventory, Acceptance of Trust and report the estate to the Master 1 week
with supporting documents and original Will (if appl) |
1 WEEK | |
| 3. | Master of the High Court issues Letter of Executorship without which nothing officially can be 6 – 8 weeks
done on the estate. |
6 – 8 WEEKS | 1 WEEK or less |
| 4. | Executor may now start dealing with the deceased’s estate by determining it’s liquidity. By opening an estate bank account. By obtaining valuations on the immovable property and ascertaining if it is bonded and if mortgage protection insurance is in place. By determining if there is short term insurance in place for movable assets. Dealing with any shares. Closing the
deceased’s bank accounts, collecting insurance policies, writing to creditor’s to get final statements of accounts, notify medical aids and pension funds, advertising in the Government Gazette and local newspapers giving debtors 30 days to pay their debts to the estate and creditors 30 days to submit their claims against the estate. Sell assets if required. Start settling claims as cash is collected. Start preparing the Liquidation and Distribution account for lodgement with the Master.
|
Dependant on estate circumstances | Dependant on estate circumstances |
| 5. | Lodging of the L&D account and obtaining Masters Courts approval | 8-10 weeks
( approx 3 Months) |
1-2 weeks , or less |
| 6. | Advertising the approved L&D account | 21 working days
( standard rule ) |
21 working days
( standard rule ) |
| 7. | Application for DISTRIBUTION certificate | 2-3 months | 1 week , or less |
| 8. | Application for discharge of the Executor | 4-5 weeks | 1 week , or less |
