Forced to Sell the Famly Home? Cape Town Deceased Estate Horror Stories
In this article, we discuss a common problem regarding the high cost of winding up a deceased estate. We’ll share the story of Mariam who lost her husband during the COVID pandemic. The only asset in the deceased estate is the family home in Plumstead, Cape Town.
Mariam lives in the family home with her 3 children, the eldest of whom is also married with children. Her husband left a Will appointing Mariam as the Executrix and sole beneficiary of the house. The house is valued by the City of Cape Town at R 2 000 000 so she’s required by the Master of the High Court to appoint a legally qualified person to assist with the estate administration. Initially, an attorney advised Mariam the fee to wind up the estate is 3.5% of the value of the house. Mariam was required to pay the attorneys R 70 000 plus VAT amounting to R 80 500.
When Mariam said that she did not have that amount of money, she was told that she either has to borrow money from relatives or the family home would have to be sold to pay the estate expenses. Fortunately for Mariam, she came across the Siyatec website and found that our fee for the entire estate is R 25 000 less than half what the other attorneys were charging. Only R 9 000 would have to be paid to get the process started, the balance is payable once Letters of Executorship are received from the Master of the High Court.
Author: Wafiq Davids (B SocSci, LL.B.)
Attorney, Notary, Conveyancer
[BSoc Sci (UCT) LLB (SA), LLM (UCT)]
Director at Siyatec Executors