Steps in the winding up of a deceased estate typically include the following:
Prepare all the necessary documents to report the estate to the Master of the High Court.
Instruct an agent to submit the reporting documents and acquire Letters of Executorship or Letters of Authority.
Obtain a power of attorney from the client to communicate with creditors and debtors.
Open a dedicated bank account for the estate to receive funds from debtors.
Publish the Creditors’ advertisement in the Government Gazette and the Citizen newspaper, notifying creditors of the deceased’s passing and providing them with an opportunity to submit claims.
Cover the expenses associated with these disbursements.
Compile the Liquidation and Distribution Account, which details all income, expenses, and distribution of surplus to heirs, and addresses any estate duty requirements.
Write to the Master for permission to advertise the Liquidation and Distribution Account and instruct an agent to deliver the letter and obtain consent.
Advertise the Liquidation and Distribution Account in the Government Gazette and the Citizen newspaper, allowing anyone to raise objections if necessary.
Write to the Master, enclosing the Liquidation and Distribution Account for a 21-day inspection period, and instruct an agent to deliver the letter to the Master’s office and collect the Master’s written confirmation of the account inspection.
Settle outstanding debts with creditors, if any.
Distribute the remaining assets to the heirs.
Obtain tax clearance from the South African Revenue Service (SARS) with the assistance of a bookkeeper.
Write to the Master, fulfilling any final requirements, and obtain a letter confirming the estate’s finalization.
These steps outline the general process for winding up a deceased estate and ensure compliance with legal and administrative procedures.
