Wills & Estates

Estate Administration Steps / Boedeladministrasie Stappe

The Master of the High Court requires that Financial Planners administer estates with the assistance of an attorney or Estate and Trust Practicioner who is registerd with FISA or a Trust Company./ Die Meester vereis telkens van ons as Finansiële Beplanners om deur ‘n boedel-agent – ‘n prokureur of ‘n Boedel en Trust Praktisyn wat aan die liggaam FISA behoort – te werk sodra  hy  ons aanstel as eksekuteur.

The process which we currently follow is / Ons gaan tans as volg te werk:

 

  1. Ultima provides guidance to the beneficiaries/ next-of-kin or their representative about what information and documentation we require to report the estate./ Ultima gee riglyne aan die erfgename / naasbestaandes se verteenwoordiger van wat ons benodig om die boedel in te neem.
  2. Ultima completes the estate reporting forms with the aforesaid interested parties as soon as the death certificate has become available./ Ultima voltooi die boedelvorms vir aanmelding by die Meester saammet die verteenwoordiger sodra die sterftesertifikaat beskikbaar is.
  3. Ultima at the same time takes delivery of the necessary reporting documents as well as any other documents required for the estate administration./ Ultimaneem terselfdetyd die nodige dokumente om die boedel aan te meld en te administreer in.
  4. Ultima explains the estate administration processes to the next-of-kin./ Ultima verduidelik aan die naasbestaande(s) hoe die boedelproses werk.
  5. Ultima advises the agent that we have taken in a new estate. / Ultima laat weet die agent dat  ons ‘n boedel ingeneem het.
  6. We have a meeting and work through all the forms and documents./ Ons vergader en werk deur al die vorms en dokumente.
  7. The agent is responsible for lodging the documents with the Master of the High Court and obtaining the Letters of Executorship./ Die agent is verantwoordelik om die dokumente by die Meester in te dien  en die eksekuteursbrief te bekom.
  8. As soon as Ultima is in receipt of the Letters of Executorship, we formally appoint the agent to open an estate bank account and to proceed with the estate administration./ Sodra die eksekuteursbrief aan Ultima gelewer is, stel ons die agent formeel aan om ‘n boedelbankrekening te open en om die verdere administrasie- en berederingsproses te begin.
  9. The agent will place the estate advertisement in the newspaper and notify the financial institutions of the demise which will result in freezing of the bank accounts of the deceased./ Die agent plaas die boedeladvertensie en laat vries die bankrekenings.
  10. Ultima and the agent decide who will attend to which functions, such as the cancellation of the Telkom account or cancellation of a Vodacom account, etc. Ultima en die agent kom ooreen wie wat gaan doen. Bv Telkom kanselleer, Vodacom kanselleer, ens
  11. All cash must be paid into the estate bank account./ Alle kontant word in die boedelbankrekening inbetaal.
  12. Administration costs and debts are paid from the estate bank account./ Kostes en skulde word vanuit die boedelbankrekening betaal.
  13. Ultima liaises on an ongoing basis with the beneficiaries to assess their preferences, for example whether an asset must be transferred to them or whether it must be sold by the estate./ Ultima skakel met die erfgename om hul voorkeure te verneem bv. Verlang hulle  dat ‘n bate in hul name ontvang word of eerder dat die bate uit die boedel verkoop word.
  14. Our main function is to act in the interests of the heirs./ Ultima se werk is om in belang van die erfgename op te tree.
  15. The tax and correlated SARS matters are attended to by a registered Tax Practicioner who brings these matters up to date and finalizes them. Thereafter the agent drafts the Liquidations and Distribution Account./ Die oorledene se SARS sake word deur ‘n belastingpraktisyn op datum gebring en afgehandel. Daarna word die L&D deur die agent opgestel.
  16. Ultima approves the Liquidation and Distribution Account. In practice we forward the aforesaid account to the beneficiaries to inspect and raise any questions that they may have./ Ultima keur dit goed. Ultima hou daarvan om die rekening ook eers na die erfgename te stuur en hul vrae te hanteer.
  17. Thereafter the Liquidtion and Distribution Account is lodged with the Master of the High Court for approval. After it has been approved by the Master, the account is advertised and lies for inspection./ Hierna word die rekening ingedien by die Meester vir goedkeuring. Na goedkeuring word dit geadverteer en lê dit ter insae.
  18. Should no objections be received, the permission of the Master is obtained to transfer the assets to the beneficiaries. (In practice, we have to date not had any objections)./ Indien geen besware ontvang is,  vra ons toestemming van die Meester om die bates uit te  deel (Ons het darem nog nooit nodig gehad om ‘n beswaar te hanteer nie).
  19. The estate income tax return is lodged with SARS as well as the Estate Duty Return and both are assessed./ Die boedel se SARS opgawe word voltooi en ingedien. Die boedelbelastingopgawe word ingedien en aangeslaan.
  20. Once the tax clearance certificate is received from SARS, a final cash reconciliation to the Liquidation and Distribution Account is drafted./ Wanneer die belastingnakomingsbrief van SARS ontvang is word ‘n rekonsiliasie van die L&D ingedien.
  21. The Master issues a querysheet which sets out the outstanding documentation. Ultima in co-operation with the agent responds to the queries and lodges the remaining outstanding substantiating vouchers./ Die Meester vra sy vrae. Die agent, met ons samewerking, antwoord die vrae en verskaf bewyse soos verlang.

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73 Kariba St, Lynnwood Glen, Pretoria, 0081

Telephone:

+ 27 12 348 1386

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Contact info

Physical Address:

73 Kariba St, Lynnwood Glen, Pretoria, 0081

Telephone:

+ 27 12 348 1386

Fax:

+ 27 12 348 3706

Email:

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