What is Siyatec Executors
What is Siyatec Executors
Siyatec Executors or Siyatec for short is a private company based in Cape Town specializing in the winding up of deceased estates. The winding up of a deceased estate is a time consuming and expensive process for the family of a deceased person. With the use of the latest cutting edge technology we at Siyatec are able to assist our valued clients at one flat rate fee for the entire winding up process.
Any deceased estate with a value of over R 250 000.00 requires the assistance of an attorney to administer the winding up process. To attend to the winding up process an attorney will charge a fee calculated at 3.5% of total estate assets irrespective of the estate liabilities.
Lets try and understand this fee with the use of an example; if a deceased person is the registered owner of a property with a value of R 1 500 000.00, the family of the deceased will have to pay an estate fee of R 52 500.00 irrespective if that property is bonded or not. Should the estate or the family of the deceased not have sufficient cash to cover the estate costs, the property will have to be sold in order to cover costs.
Considering that most residential properties in Cape Town is valued at R 1 500 000.00 or above, this exorbitant fee for winding up the estate is the reality for most families.
As a client of Siyatec we charge a flat rate fee of R 20 000.00. It doesn’t matter if the value of the estate is R 1 000 000.00 or R 10 000 000.00, the fee is still only R 20 000.00. This means as family of the deceased you will end up with more cash in your pocket.
The other problem is that the winding up process requires several consultations with attorneys at their offices at times which are inconvenient for you. At Siyatec the application takes place online at your convenience. When you have completed the online questionnaire, uploaded supporting documents and paid a deposit, we come out to you with the documents ready for signature to be submitted to the Master.
Should you however prefer to meet with us personally you can set up an appointment online or call for an appointment. We also offer assistance over the telephone should you require assistance with completing the online questionnaire.
All documents that are submitted to the Master are prepared by professional and specialized estate attorneys, so you can be assured that the estate of your loved one is in good hands.
Challenges of dealing with a deceased estate
Siyatec was founded in 2018 by Wafiq Davids an attorney who has had a lifelong passion for private law. While in practice Wafiq experienced the challenges which families faced in dealing with the deceased estates of their loved ones. The most important thing that anyone can own is the home in which they live. When a spouse, parent, or child passes away, the home which they had owned now falls into what’s known as a deceased estate.
The problem usually starts when a family member approaches the bank to advise them that an account holder at the bank has passed away and the funds in that account needs to be transferred out as there are bills which need to be paid. Instead of transferring the available balance out of the account, the bank will immediately freeze the account and direct the family member to furnish the bank with letters of executorship. The obvious question is then; where does one obtain letters of executorship? The bank clerk then directs the family to the Master of the High Court to obtain letters of executorship.
Author: Wafiq Davids (B SocSci, LL.B.)
Attorney, Notary, Conveyancer and Legal Consultant at Siyatec Executors