Home

Featured News

 

About ABF

 

At your service

 

Whether you are in need of Corporate Gifts, -Clothing, Banners or Flags.

Read more...

     

     
 

Erika Deysel Accounting Services offer small to medium sized companies a complete.

Read more..

     

     
  Please feel free to contact us for a quote on advertising space on our website.
Find out more...

ABF Members

                 
                                 
                 
                                 
                           

 

Once appointed, the executor must, among other things, advertise to creditors, submit a liquidation and distribution account to the Master and publish it, deal with objections and complete the Master's questionnaire. Other compulsory communication is when a claim is rejected in writing with reasons, and when an estate is insolvent.
 
At present, in the case of an estate with gross assets of less than R125 000, an executor is usually not appointed and it is assumed that no formal administration will take place and that the estate will be wound up quickly.
 
Other communication includes everything associated with the duties of an executor or his proxy with regard to the due administration of the estate in terms of the Administration of Estates Act.
 
Although not compulsory, a good executor or his proxy is expected to communicate regularly with heirs and other stakeholders. A very important interview takes place right at the start, when certain documents required for the reporting of the estate must be completed and all available information and documents must be provided. During this interview the entire administration process can be explained, questions answered and other important arrangements made. However, it is not always possible for a spouse, children or other heirs to be present.
 
When the executor reports the estate to the Master, he should send the first letter or e-mail to the heirs. In it he should inter alia state that he is the contact person; attach a copy of the will, if not intestate, a brochure explaining the process of administering an estate, and a form requesting certain particulars from the heirs; and state that the estate has been reported to the Master.
 
The next communication should be sent out after the executor has been appointed and details of the first advertisement to creditors are provided. After about two months the next report should be available, containing either a summary of the provisional details of known assets and liabilities, or reasons why these cannot be supplied or a draft/final estate account.
 
Problems that could affect the administration period and/or the values of inheritances must also be communicated and heirs must be kept informed.
 
Further communication includes the issuing of the Master's questionnaire, date of the next advertisement during the period of inspection of the estate account, and the anticipated date of finalisation.
 
Other important communication includes, for example, communication with creditors and regular communication with the Master and SARS. The Master could relieve an executor of his office if the latter does not comply with the Master's requirements regarding the timely submission of an estate account and/or his questionnaire. If the executor cannot meet these requirements in time, he may ask for more time, giving valid reason for his request.
 
Regular communication is therefore always important.
 

About Alberton Business Forum

Alberton Business Forum is affiliated with the AHI, affording us the opportunity to interact on National and Provincial level as well as direct access to expert views, business material and quality presenters. Read More

Tourism Sector Codes

We, the stakeholders of the Tourism Sector, take this opportunity to state our awareness of the need to align the Tourism BEE Charter with the dti's Codes of Good practice on B-BBEE and advance sector initiatives to empower black South Africans, and, in so doing, to make the sector more accessible, more relevant and more beneficial to all South Africans. Read More ....

Women in Leadership

Women’s contributions in decision-making roles are no longer discussed in terms of equality and fairness but in terms of the benefits that their participation brings to the leadership structures of organisations and society - more innovation and enhanced decision-making, an improved expression of an organisation’s inclusive values and better representation of the customer base. Read More ...

The Building Blocks of a Business Strategy

THE BUILDING BLOCKS OF A BUSINESS STRATEGY
Everyone who has been in business for some time has a “recipe” for the formulation of a business strategy. In this article I share the primary building blocks of the business strategy framework I use when I assist small to medium-sized businesses with planning. These building blocks will be explained further in future articles. Read More.....

AHI Facilitates Entrepreneurship Symposium

Christo van der Rheede, chief executive of the AHI, and Josef Neumeier, seconded representative of GIZ, visited Upington during January to facilitate a
three-day symposium on entrepreurship at school level. Read More ...

 

 
 

 

Home  |  About ABF  |  Events  |  News  |  ABF blog  |  Contact Us Contact Form  |  Become a member  |  Advertise