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Korf Attorneys ~ Cape Town
Estate Administrators | Conveyancers | Notaries
Administration of Deceased Estates ~ Cape Town
Estate Planning & Structuring
The administration of an estate is a complicated process and it is advisable to appoint an attorney as the executor of a will.
Mortis Causa Trust
A Mortis Causa trust is set up in the will and only comes into existence after the death of the founder.
Inter Vivos Trust
An Inter Vivos trust is a handy estate planning tool for building an estate during the lifetime of the founder.
Administrator of Estates in Gauteng. Administration of Deceased Estates. Estate planning and drafting of Wills and Trusts.
The matrimonial property system chosen by a couple forms the cornerstone of their future estate planning.
Curators and Trustees can be appointed by the Court to administer or wind up certain estates such as insolvent estates.
Estate Lawyers for
Drafting of Trusts
A Mortis Causa trust, or testamentary trust, is established by a will, and its validity is clearly linked to the soundness of the will. The attorney tasked with the drafting of the will, will ensure that the trust is drawn up to meet the specific needs for which it is created.
Inter Vivos or “living” trusts need to be structured in such a manner as to utilise tax exemptions optimally to people who have a true purpose for a trust. An experienced attorney will carefully consider the tax implications when drafting a trust, and the most tax-friendly way to distribute trust income to the beneficiaries.
Administration of Deceased Estates
The administration of an estate is a complicated process. Various steps have to be taken, in the correct order, to ensure proper compliance with the Administration of Estates Act, 66 of 1965. The Master of the Supreme Court must also be supplied with the proper liquidation and distribution accounts of the estate.
Although the law does not specifically require that an attorney be involved in
- estate planning;
- the drafting of a will;
- the administration and drafting of testamentary or inter vivos trusts; or
- the administration of deceased estates,
considering the various legal requirements that have to be met when determining the particulars of a legacy, it soon becomes apparent why expert advice is strongly recommended in the handling of these affairs.
Legal Structures Available
The art of planning ahead, is anticipating the unexpected. Estate Planning is inherently a long term plan, and as such, it is important to eliminate trial and error. A matter as important as the welfare and security of dependants, or the fulfilment of a deceased’s final wishes, should be done correctly and with the necessary knowledge, the first time around.
When utilising wills and trusts in structuring of estates to limit the tax burden, aspects such as continuity and liquidity should always be taken into account, whether you are structuring for protection against insolvency, tax or in an heir-friendly way.
Specialist administrators of estates have the required skills to manage estate matters, and are familiar with the processes which need to be followed and the requirements which have to be met.
To ensure all your bases are covered, it would be wise to consult a specialist attorney regarding your estate planning – that way you can rest peacefully until you rest in peace.
Get Answers To Your Questions
Drafting of Trusts
Drafting of Wills
Administration Of Deceased Estates
Ensuring your loved ones’ financial security when you are no longer there affords you peace of mind, especially when you know that your affairs are handled properly and with due diligence.
Cost of Estate Administration
The estimated cost to an estate of about R1m could be in the region of about 6% of the Estate’s asset value of which, the Executor’s Fee could amount anything up to a maximum of 3.5%
Of Asset Value
Deceased Estate Administration ProcessEstate Administration Process
The administration of an estate is a complicated process. Various steps have to be taken, in the correct order, to ensure proper compliance with the Administration of Estates Act, 66 of 1965.
Obtain letter of Executorship from the Master once the application was processed.
Take control of assets of the Estate, and administer the estate’s assets and liabilities.
Assess estate, compile and submit the Liquidation & Distribution Account.
Finalise tax obligations, payments, transfers and distribution of the assets.
Online Estate Assessment
Estate Administration Online
Cape Town, 7560
6 Fontein Rd,
Brackenfell, CAPE TOWN
M-F: 9am – 4pm