On average it will take 7 to 18 months to finalise the estate however, there are exceptions depending on the complexity and nature of your matter. We are certainly quicker to respond than a call centre! 

The correct term for this is estate duty. Estate duty is only levied on estates valued at R 3 500 000 and more – so yes, the estate will pay estate duty. There are also exceptions to paying estate duty. This can be reduced depending on the exclusions available. Our estate administrators can discuss this with you or your family in detail, and we can furnish you with relevant tax considerations in advance. 

Executor’s fees are prescribed in terms of the Administration of Deceased Estates Act 66 of 1965. Currently the fee is 3.5% on the gross value of the estate. This is the fee the executor charges to wind up the estate of a deceased person, subject to certain reductions. 

When an executor is needed, the family may discuss this with the appointed executor directly. Executor’s fees are negotiable at his / her discretion however, the law does provide for the executor to charge 3.5% of the gross estate value.

When this happens then there is a cash shortfall in the estate. This does not mean the estate is insolvent. What the executor will request from the heir is to either pay in the cash shortfall or request permission to sell the asset/s to obtain the cash in the estate. Often our firm is able to provide interim cashflow assistance depending on the nature of the estate in question.