Everything that a deceased person owned such as a house, money, cars, policies and pension (assets) as well as the deceased person’s debts and expenses (liabilities), forms part of what is known as the deceased estate.
The most important thing that a person owns is the family home. When a person passes away the family home as well as all other assets fall into a deceased estate and is frozen. This means that you will not be able to register the new owner of the family home, or have access to money belonging to the deceased until an Executor has been authorized by the Master of the High Court in terms of Letters of Executorship.
The Executor is the authorized person who will be able to do things such as sign documents and deal with the bank on behalf of the deceased person.
In order for the nominated Executor to have any power to deal with the deceased estate, the Master of the High Court must authorize the Executor by issuing Letters of Executorship.
Letters of Executorship is therefore the most important document which the Executor needs to act on behalf of the estate.
For the nominated Executor to be authorized by the Master, the estate must be reported to the Master by submitting to the Master the Reporting Documents.
At Siyatec, the point of the Online Consultation is to prepare all the information and documents required to report the estate to the Master and obtain Letters of Executorship.
Letters of Executorship are usually issued by the Master 2 to 3 months after receiving the Reporting Documents.