Estate winding up in shambles

WIDESPREAD: PROBLEMS, FINGERPOINTING AT MASTER'S OFFICES JUST TIP OF THE ICEBERG

- Amanda Visser

The entire system dealing with deceased and insolvency estates is broken. Most of the finger-pointing is at the master of the high court, though that is but the tip of the iceberg.

Billions of rands are tied up in deceased and insolvent estates because of the brokenness of government entities such as the Government Printing Works (GPW), the department of home affairs, the department of justice (responsible for the master's offices), and the South African Revenue Service.

Katherine Gascoigne, senior associate at Gascoigne Randon & Associates, says in her practice alone more than R100 million is tied up in deceased estate accounts. "The money should be in the hands of the heirs and released back into the economy. This is not happening because of delays. It is ridiculous."

An estate with few assets and no complications used to take between six and nine months to wind up. It is taking double the time.

Jane Barnard, whose mother had a "simple estate with a few investments", is incensed by the lack of finality.

It has been nine months since the liquidation and distribution account (L&D) was lodged at the master's office in Thohoyandou.

There has been no feedback from the office at all. Moneyweb's questions remain unanswered.