Page 11 - Estate Preservation Plan

5 Submission of the 6 The Master sends
L&D account his query sheet

This is the document signed by the executor that shows all assets and liabilities The Master inspects the L&D account, and if there are
of the estate. It includes the administrative expenses that are charged for any issues he will send back a query sheet stipulating
winding up the estate. It shows how the assets of the estate were distributed, what changes are required. These changes need to be
it lists the income and expenses of the estate after death, and demonstrates resubmitted to the Master. This could result in another delay
whether there is enough cash in the estate to settle the debts. of up to 8 weeks before acceptance of the L&D account.
AT THE SAME TIME OTHER DOCUMENTS Once the Master is satisfied, the Master’s fee becomes
NEED TO BE SUBMITTED payable and he instructs that the L&D account must lie open
for inspection.

Vouchers Estate duty form Final inventory Proof of the L&D account lies open
relating to all showing any of estate assets, advertisements 7
the entries estate duty signed by the regarding notice to for inspection
in the L&D payable, signed executor creditors
account by executor
The L&D account has to lie for inspection by the Public. In
order to achieve this, an advert needs to be placed in the
Government Gazette and in a newspaper in the area in which
Distribution of the estate the deceased lived or where he/she owned property.
8 The L&D account remains inactive for 21 days, and then the

estate may be distributed.
9 Proof that the estate
Executor signs has been distributed
a discharge affidavit - The final remaining duty of the executor is to
All creditors Inheritances swearing that all creditors send the following to the Master:
(including SARS are distributed have been paid, and that
and executor) to the heirs/ the remaining value of
are paid. Beneficiaries. the estate has been Receipts of
distributed to the inheritance
beneficiaries.
Sell estate Assets Master’s They are from the
required to sign
(If necessary) fees are paid. receipts of inheritance beneficiaries
Proof that all
as proof of receiving Original letters creditors have
their inheritance. of executorship
been paid
SEND TO
MASTER
Executor’s Proof of Master’s
10 Certificate of discharge discharge affidavit fees payment

The Master will send back a certificate of discharge Proof
The time periods
of the executor. This concludes the winding up of the in each step are for of the
advertisement
estate and closes the estate late bank account. illustrative purposes only – proving that the L&D
and are dependant on
the complexities of each account was available
for inspection
individual estate.
Terms & Conditions apply E&OE Estate Preservation Plan 11