Choosing the beneficiaries named in your Will is the easy part of estate planning. However, the complexity of the process of deceased estate administration is often underestimated, and can place great strain on a beneficiary grieving the loss of a loved one. There are a few essential things that your beneficiaries should know about the process of estate administration.
- It takes, on average, 10-16 months for an estate to be finalized in South Africa and for you to receive your inheritance. This is the estimated time period based on a simple estate with no complications and where there is a valid and up-to-date will in place.
- Beneficiaries can only receive their inheritance once the final liquidation and distribution account has been approved by the Master of the High Court and the compulsory estate adverts have run their course with no objections. If the Master of the High Court has any queries, these will need to be answered to the satisfaction of the Master. The relevant adverts can only be placed once the Master is satisfied that the queries have been addressed adequately.
- There is currently a 6 month backlog at the Master’s office for the finalizing of liquidation and distribution accounts. The sooner the account is lodged, the better. Having a professional who is actively involved in the administration of estates and who regularly goes to the Master’s office will help to reduce a backlog like this for the estate. Our team at Marsh Fidelity visits the Master’s office every week to follow up on lodged liquidation and distribution accounts. If an estate is with a different Master’s office outside of KwaZulu-Natal, we have a trusted agent in each province who will go to the Master’s office to follow up on estates at that particular Master’s office for us.
- A beneficiary is entitled to see a copy of the deceased’s Will and to be informed by the executor of any potential delays in the estate administration. In some cases, ambiguous wills can lead to disputes among the beneficiaries and these disputes can lead to further delays. Having a qualified professional to draft your Will can help to reduce this risk. We guarantee that when we draft your Will, all legal requirements will be met, your Will shall be valid, and that we will review all possible contingencies so your Will provides for your unique and changing life circumstances. This ensures the best possible outcome and protection for your loved ones when you are gone.
- A beneficiary can, in some instances, instruct the executor to sell assets to enable the beneficiary to inherit liquid cash. This is a particularly important point for overseas beneficiaries to know as it is easier to transfer cash overseas as opposed to inheriting a property which can’t be moved.
- A beneficiary is also entitled to ask for an advance on their inheritance. This may be helpful if the beneficiary relied on the deceased for general living expenses and maintenance of their lifestyle. The Executor will take into account how much liquidity is in the Estate as creditors may need to be paid before he or she can make an advance on inheritance to a beneficiary.
- An Executor should make themselves available to answer any questions that the beneficiaries may have and to help the beneficiaries to know that the administration of their loved ones estate is in good hands. Having a professional and caring executor brings closure and peace of mind.
Having a valid Will in place and choosing the right executor are the first steps to ensure that your beneficiaries are protected and in good hands in the event of your passing.
Contact us at [email protected] to get your Will in order and to find out how our team is well-equipped to ensure a smooth estate administration process that results in closure and peace of mind for your loved ones. See more about us and our services at www.marshfidelity.co.za.