Life promises us two things’, paying taxes and death. The
loss of a loved one, whomever that may be, is one of the hardest things we will
have to endure while still breathing. Dealing with what comes after the loss is
something that cannot be taught and even more so dealing with their estate is a
foreign language to most. Most of us have never thought about dealing with what
is left behind by a loved one and a lot of the time one does not even know
where to start.
So, let us start…
The first thing to do is to understand who the appointed Executor
of the estate is to be as the Executor is the person elected to wind up the
estate. The Will will stipulate this. If no Will was left then those who will
inherit from the estate will choose an Executor.
The next important phase is for the Executor of the estate
to try and put a value to the estate in order to determine whether the deceased
estate is worth more or less than R250 000.00. This is crucial because if an
estate is less than R250 000.00 then a Letter of Authority (LOA) would need to
be applied for from the Master of the High Court (MOH). If the estate is more
than R250 000.00 one would have to apply for a letter of Executorship.
Why is this so crucial?
The importance of determining the value of an estate is
that each letter applied for from the MOH has its own procedures that need to
be followed in the winding up of an estate, which aren’t known to all.
How can we help?
Here at Tuckers Incorporated, we offer assistance,
information and guidance in winding up of estates as well as drafting of Wills.
Let us do all the work so that you don’t have to.
To seek assistance on any legal matter please do not hesitate to contact us on 011 897 1900, 076 777 1920 or info@tuckers.co.za.
Article contributed by Nic Lockyer of Tuckers
attorneys.