Our fees are competitively priced against the industry, while executor fees are regulated at 3,5% of the gross asset value of an estate. Concessions may be granted against estates where the gross asset value exceeds R5 million. Increasing concessions are granted against increasing estate values.

An executor is a professional person appointed by the Master of the High Court to attend to the legal and accounting functionality of winding up the deceased person’s estate.
Some estates are made up of a complicated mixture of assets where the help of a professional executor with years of experience in the administration process is essential. The legal ramifications of not paying creditors or heirs correctly can have dire financial consequences, which can be avoided by the involvement of an executor.

The beneficiaries will be determined according to the deceased next of kin, and the estate administered in terms of the Intestate Succession Act 81 of 1987.

An executor must deal with an estate where the spouses were married in community of property differently to from one where the marriage is out of community of property.

Once the liquidation and distribution account has been approved by the Master of the High Court, and if no objections are raised during the inspection period, glu will pay all credit claims and the beneficiaries’ cash inheritance.

All assets, while in glu’s custody, must be insured. glu has an umbrella insurance policy covering most assets with premiums at a substantial discount to current short-term insurance premiums.

The handling and storage of firearms is stringently controlled by the South African Policy Service in terms of the Firearms Control Act. To comply, glu has secured the services of a professional external service provider to assist the family with their needs.

A family member or someone with knowledge of the business will have to continue running the business and should liaise with the executor regarding the running of the business.

glu uses market-related valuations as required by law, and also to safeguard against incurring capital gains tax at the time of death.
glu is required to obtain an electrical compliance certificate when the property is transferred.
glu’s conveyancer must obtain a rates clearance from the local authority, and all
rates and taxes must be paid by the executor in advance before the local authority will issue the rates clearance.
The heirs may be called upon to clear or assist in clearing the fixed property of all contents.
In instances where the will does not dictate that the fixed property must be sold, the executor may, in special circumstances, agree to sell the property out of the estate. It is worth noting that some fixed property sales will require the executor to account for a capital gains tax event.

Typically, a Testamentary Trust is used to protect the share due to a minor beneficiary. The executor would pay the amount due to the minor to the trustees of the trust that was created in the will. This is a good way of preventing a minor’s dues from being paid into the Guardian’s Fund of the Master of the High Court, and is worth considering to preserve and grow a minor’s inheritance.

Any amount due to a child or ex-spouse arising from a divorce order becomes a claim against the estate, and must be dealt with by the executor.

In certain instances, a surviving spouse may be able to claim maintenance from their spouse’s estate. Depending on the state of the deceased’s personal affairs, this process can usually be finalised in 12–18 months.

This is a comprehensive list of the deceased’s assets and liabilities, reflecting their value as of the date of death. The names and entitlement of each beneficiary are included, and it must be approved by the Master of the High Court. This account will be available for inspection by interested parties, who are entitled to lodge an objection.

Once the asset is reported, the executor will deal with the asset according to the last will and testament.

A trust is a legal contract that allows you to transfer your assets, before or after death, to an account to be managed by yourself or others. A trust is created by means of an agreement (trust deed) between the founder and the trustees during the lifetime of the founder, and can be a useful entity if it is professionally drafted and administered.

Once an asset is moved into the trust, either by way of a loan account or by donation, any future growth of the asset during the donor’s lifetime will take place in the trust. This means that the value of the donor’s estate at death is significantly less than if the growth had taken place in the donor’s estate.

It’s worth assembling the right documents to make sure there are no unnecessary delays in the administration process.