How To Receive Cash Or Property Due To You From The Deceased Estate Of A Loved One
We are living through strange times that could go down in history as the most tragic in human existence. Covid-19 has caused the death of millions of people globally. In South Africa, 37 105 have already been lost to the virus. This article is about the family and dependents of those left behind. When a breadwinner such as a parent or spouse passes away their assets are frozen until such time as the Master of the High Court issues Letters of Executorship. This means -for example- that if you need to access cash in the bank account of a deceased parent or spouse, you are restricted from doing so until Letters of Executorship have been issued.
Those people who have been through the process of approaching various Master’s Offices around South Africa for help, know that this is a nightmare process. After wasting hours, even days, trying to get some guidance from the Master, they are finally told that they need to see a lawyer for help. Lawyers charge enormous amounts of money: 3.5% of the gross assets. In other words, an estate with a house valued at R 1 000 000.00 will cost R 35 000.00 to wind up. At the end of the day, family and dependents of the deceased are left in a desperate situation when trying to access funds in the deceased estate of their loved ones.
The mission of Siyatec is to assist people with the process of administering deceased estates. We make it easy for people to eventually take ownership of the assets of deceased loved ones. Our fees are not based on a percentage of the assets but rather on affordable flat rates. If you already have an estate that needs to be dealt with, we can help you! Simply complete our Online Consultation accessible on our website www.siyatec.co.za. The process will go swiftly from there.
A tip for people who want to ensure that their dependents are not placed under financial pressure when they pass away is to have a professionally drawn up Will. Having a Will when you pass away saves your family time in the winding up process. Letters of Executorship from the Master is still required if there is a Will. However, it is much easier and quicker process with a Will. The best way to get your Will drawn up is to complete our Will’s Online Consultation. You are also welcome to call us and we can do either consultation at no charge over the telephone 021 201 7477.
Author: Wafiq Davids (B SocSci, LL.B.)
Attorney, Notary, Conveyancer and Legal Consultant at Siyatec Executors