GOT A QUESTION?
What other costs than executors fees must I prepare for?
- Funeral Costs
- Master’s fees payable to the Master of the High Court
- Advertising Costs
- Estate bank account charges
- Transfer costs of the fixed property to conveyancers
- Bond cancellation fees in respect of bonds registered over fixed property in the estate
- Clearances payable to the relevant City Councils with regard to rates and taxes.
How long does it take to finalize an estate?
We will always strive to finalize an estate as soon as possible. The administration process is governed by various laws and regulations. To completely finalize and estate can take 6 to 9 months, all depending on the complexity and cooperation received from institutions, as well as beneficiaries.
Does life policies form part of my estate?
Domestic policies that are nominated to beneficiaries does not form part of your estate but estate duty does apply.
Can my children’s inheritance be transferred to them if they live overseas?
Under present exchange control regulations an inheritance bequeathed to a beneficiary who has never been a resident in South Africa can be transferred to a bank account in the name of the beneficiary in his country of choice. Is a beneficiary has been a resident in South Africa on a permanent basis then the inheritance can freely be transferred provided the beneficiary has formalised his or her emigration with the South African Reserve Bank. Failure to finalize emigration at the time of leaving the country can be rectified subject to the compliance with certain formalities.
