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Showing posts from October, 2018

THE PROCEDURAL ELEMENTS OF DEALING WITH A DECEASED ESTATE

No one wants to think about losing a loved one and dealing with the estate of the deceased can become an administrative and emotional nightmare. This article will focus mainly on the procedure to wind up a deceased estate, briefly discussing the difference between Intestate and Testate succession. Intestate Succession When a person passes away without leaving a will, their estate will be dealt with according to the procedures set out in the Intestate Succession Act 81 of 1987 (“the Intestate Act”). The Intestate Act prescribes which of the surviving relatives (heirs) of the deceased will inherit from his/her estate and further what percentage of the estate each heir will inherit. An example is where a person passes away without a spouse or a child but both parents are still alive, then the deceased’s parents will inherit the estate in equal shares. Testate Succession When a person passes away leaving a valid will (“the will”) their estate will be regulated by the testate l