DUTIES OF AN EXECUTOR OF A DECEASED ESTATE
An executor is responsible for the administering of the deceased estate in terms of the Administration of Estates Act 66 of 1965 and the duties are set out as follows:
- The executor must meet with the family of the deceased in order to obtain all the relevant information and documentation needed
- The deceased estate must be reported to the Master of the High Court in the area where the deceased lived.
- The executor must provide notice to the creditors (persons or entities the deceased owed money to) in order to inform them of the death of the deceased.
- All existing bank accounts of the deceased must be closed and a separate bank account must be opened where all money that forms part of the deceased estate must be kept.
- The executor must determine if the deceased estate has enough assets to pay for the liabilities that form part of the deceased estate.
- The executor will be responsible for drafting accounts that must be advertised for the public to inspect. These accounts will set out the assets and liabilities, as well as how the deceased estate will be divided and distributed between the heirs of the estate.
- After the accounts have been approved by the Master of the High Court, the executor must pay the creditors and distribute the deceased estate accordingly.
