It is a sad reality that when a person has died whether living a valid will or not, the survivors are likely to be faced with a property and or asserts related disputes which often tear apart families. Take note of the following it might help enlighten you.
Upon the death of a person, the estate must be reported by an interested party to Master’s Office in which area the deceased lived, within 14 days.
The reporting documents will differ slightly depending on the value of the estate and the type of appointment required.
If the value of the estate exceeds R250 000, a letter of executorship must be applied for and issued. This should be done through a qualified attorney.
However, if the value of the estate is less than R250 000, the Master of the High Court may dispense with letters of executorship and issue letters of authority in which case an attorney is not normally required.
The letter of authority and or executorship entitles the nominated representative (executor or executrix) to administer the estate. There are guidelines and rules which needs to be adhered to in this process in terms of the Act.
It is therefore of high importance to take note of the powers and duties of a dully appointed executor or executrix.
In short an executor (or executrix) of an estate is an individual appointed to administer the estate of a deceased person. The executor's main duty is to carry out the instructions to manage the affairs and wishes of the deceased person's estate.