FIVE TIPS FOR MANAGING A DECEASED RELATIVE'S ESTATE

Be methodical, follow the steps and be very, very patient ...

- TUMI MORWALLE

IT'S NOT easy when a loved one passes away-and having to navigate the complexities of managing their estate makes it even harder.

The admin associated with death can be overwhelming, especially when you hear the horror stories of how long this can take and those that have struggled to sort out.

What is a deceased estate?

A deceased estate refers to everything that the deceased owned or owes at the time of their death. It therefore includes their money, physical possessions, property, and even intangible or digital assets. It also includes liabilities (what they owe to anyone).

Deceased estates are managed by an appointed executor with the Master of the High Court. However, there's still a large amount of administration involved for those left behind.

Managing the process

Here are our tips to help you manage the process:

Contact your (or the deceased's) financial planner. If you have (or the deceased had) a financial planner, they can help you with navigating the process and are likely to have the deceased's valid will on record, which you will need.

If the deceased did not have a will, their estate will be distributed in terms of the Intestate Succession Act, also known as the rules of intestate succession. This means that the person's living relatives will receive the estate.

If the person didn't have any living relatives such as a spouse, children or extended family, and if they don't have any blood relatives, it will remain with the Master for 30 years and then go to the state.

You can therefore understand why it so important to have a will in place to ensure that your loved ones are provided for in the way that you want, and so that the administration of the estate is easier and faster to do.