Estate

Estate

What is an estate?

The actual property component of a person’s estate, whether dead or alive, is referred to as real estate. Land was and still is a deceased person’s most valuable asset hence the term “estate” was limited to land or land-based rights such as a lease. In today’s common law, however, no such restriction exists.

What is a deceased estate?

The rules governing the devolution of a person’s estate after death and all aspects related to it are outlined in South African succession law. It lists the beneficiaries who are entitled to inherit the deceased’s estate and the scope of the benefits they would get, and it establishes the various rights and responsibilities that individuals may have in the estate. Every person who owns property in South Africa is subject to inheritance law, and it generally follows the wishes of the deceased. The lone caveat is that if a spouse is left out of a will, they can file a petition under the Maintenance of Surviving Spouses Act to claim a portion of the inheritance to support themselves.

What happens with a deceased estate?

The deceased individual’s estate is frozen upon death, and no one may take money from the deceased’s bank accounts or deal with any of the estate assets without the Master of the High Court’s consent. The joint estate is frozen if the deceased was married in community of property. This circumstance can be difficult for the surviving spouse, especially if the bank accounts were in the joint estate’s name or the deceased’s name.

When a person dies and leaves property or a document that is or appears to be a will, a deceased estate is created. The estate must then be administered and dispersed in accordance with the deceased’s will or, in the absence of a valid will, using the Intestate Succession Act, 81 of 1987. The Administration of Estates Act, 66 of 1965 specifies the steps that must be taken to administer a deceased person’s estate. This section of the Master’s Office oversees the administration of deceased estates. The goal is to provide an orderly winding up of the deceased’s financial affairs and the preservation of the heirs’ financial rights.