Page 10 - Estate Preservation Plan
P. 10

Report the estate
                                                         1      Within 14 days of the death of the insured life, the estate needs to be

              The steps for                                     reported to the Master of the High Court, together with a number of
                                                                documents and a request for the letter of executorship to be issued.
              winding up a                                      In the interim, the executor should start collecting as much

           deceased estate                                      information as possible in terms of assets and liabilities relating to
                                                                the estate, in order to prepare the estate account for the Master.

                                                                                                      copies of
                                                                                                    death certificate
                                                        COVERED BY MONTHLY EXPENSE BENEFIT
                                                                                                         Next of kin
               Letter of executorship                                                                     affidavit
        2      issued by the Master                                         Inventory
               Only once this document has been                                                   Certified copy of ID
                                                                                     Original       of deceased
               received, may the executor start the official                          will
               process of dealing with matters relating to                  Acceptance                 Certified copy of
               the estate.                                                   of trust as               ID of nominated
                                                                             executor                     executor

                                                                                      Documents to be enclosed
                                                                                     depend on the circumstances,
                                                                                      but can include the above.

         3     Newspaper notice

                                                                                  4       Sell estate Assets

       Notice of the death needs to be advertised in the Government                       (If necessary)
       Gazette  and  in  the  newspaper  of  the  area  in  which  the          The  costs  related  to  death  are  often
       deceased lived or where his/her property is located; 30 days             underestimated, and unless there is liquidity
       are then allowed for any creditors of the deceased to come               in the estate, valuable assets will need to be
       forward and make a claim against the estate.                             sold to settle outstanding debts.

        During these 30 days, the executor needs to continue obtaining the necessary
        information that will allow them to determine the solvency of the estate and to start
                                                                                                 months 12
        drafting the liquidation and distribution account (L&D account). The estate late bank
        account needs to be opened, and all disputes with heirs need to be handled.

          10   Estate Preservation Plan                                                          Terms & Conditions apply          E&OE
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