In order to speed up the finalization of the estate, ensure that the following formalities are adhered to. Should you have any queries in this regard, please consult the Executor who is there to assist you.
- Interest payment on mortgages, loans, etc do not stop in the event of death, and interest payments should be continued where possible.
- It is also recommended that heirs continue to pay municipal and telephone accounts to prevent services from being discontinued.
- If necessary, income tax returns are completed and submitted by your Executors.
- Vehicles and firearms can only be transferred on receipt of the Letter of Executorship, provided the solvency of the estate has been established beyond all doubt, and no written objections are received with regard to the liquidation and distribution account. Vehicles may under no circumstances be used without valid short-term cover. Firearms must be in safe custody at all times.
- Should heirs not have a bank or savings account, they are advised to open one, as the deceased's bank accounts are frozen. Cash inheritances may be deposited directly into beneficiaries' accounts (savings or cheque), eliminating the risk of theft and loss of interest for the heir.
- The pension fund should be advised of any changes.
It may happen that an estate is sometimes delayed by certain processes, such as incomplete documentation on reporting the estate, and in the case of unnatural death the postmortem could delay the process. Additional delays are caused by the transfer of property and the sale of assets. Impracticable wishes, complex asset structures, business interests, and dealing with foreign assets are further examples of processes that may be time consuming because of complex administrative formalities.
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