There is a procedure which should be followed, when attending to the estate of a deceased person. One needs to obtain a letter of executorship from the Master’s Office and the deceased’s assets must be allocated in terms of his / her will or in terms of Intestate Succession.
An attorney is allowed to take a fee of 3,5% of the total value of the estate. This fee is also provided to the Master of the High Court when submitting your Liquidation & Distribution Account. The Master of the High Court, may request a lower fee from the attorney, if the estate is not complicated. The maximum amount payable to the attorney will be 3,5% of the value of the estate. Furthermore, to the above, there are charges payable such as advertisement fees, which do not form part of the attorney’s fee, to wind up an estate.
There is a process which should be followed to wind up an estate. The estate must be advertised to notify creditors about the death of the deceased.
A liquidation and distribution account must be drafted to disclose the assets of the deceased to the Master of the High Court. The appropriation of the assets, all advertising fees, postage fees are disclosed in this liquidation and distribution account to finalize the estate.