Losing a partner or a spouse is traumatic enough, but being unprepared for the practical financial realities of death can make it all the more devastating. The only thing that can be said for the process of winding up an estate is that it follows a predictable pattern, so you can put plans in place that will make life - if not death - easier to handle.
See table here for a breakdown of the estate administration process. Death is a mystery, but sometimes it seems no more so than the process of estate administration that kicks in immediately afterwards.
While words such as "estate" and "executor" sound dauntingly formal and distant from the trauma of death, the sequence of events is laid down in law
Liquidating a company with no assets at death the process should be reasonably straightforward in the hands of a professional. The executor is the key person in this process, responsible for managing it professionally and efficiently, Graham McPherson, the managing director of Trust Services at First National Bank and the chairperson of the Association of Trust Companies, says.
The executor could be an individual, such as a family member, or a company, such as a bank or trust company, Mandy Dix-Peek, a lawyer and a director of Fairheads International Trust Company, says.
Or it could be both: Hopefully, Dix-Peek says, it is or includes someone known, trusted and familiar with the family's circumstances. An executor is entitled by law to a maximum fee
Liquidating a company with no assets at death 3. If there is more than one executor, they have to share the fee. The entire administration process is supervised and validated by the Master of the High Court to ensure that the rights of the beneficiaries are protected.
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However, the reality is that the Master's Offices are frequently overloaded with work and lack the time and resources to keep proper tabs on executors in all cases. At present there is no single body that deals with consumer complaints about executors and estate administration, but an initiative to create one is being driven by the trust industry the Association of Trust Companies and the Law Society of South Africa.
Where a bank is appointed executor, consumers have some recourse through the Banking Ombudsman. Meanwhile, you will find dealing with the aftermath of a death much easier if you know what to expect. Although estates may be relatively simple or complex, depending on the assets and liabilities involved, the process of winding up an estate is the same. Your first stop is the funeral parlour, which will guide you through the process of arranging the funeral and will obtain the death certificate on your behalf.
The funeral is usually the first cost you face. You should expect to pay at least R8 for the most modest funeral, and you are likely to be offered a 10 percent discount for paying upfront. If
Liquidating a company with no assets at death pay, you can claim the cost from the estate.
If you cannot afford the outlay, you can arrange for the funeral parlour to submit the invoice to the executor for payment. The death certificate is issued within a week or two of death.
In some cases, there are...
By this time you should have established whether or not a will exists, and have put the deceased's papers and documents in order. Sometime in the next two to six weeks, you should have a preliminary meeting with the executor who was named in the will, or, if you are the executor and need professional help, the co-executor you have appointed to assist you. The duties of the executor at this stage are to obtain the will and check its validity, establish who are the beneficiaries, and get a rough idea of the assets
Liquidating a company with no assets at death liabilities in the estate.
Robyn Cowie, a lawyer and a director of Fairheads, says when you go to the first meeting with the executor, you
Liquidating a company with no assets at death take with you bank account details, accounts, title deeds to properties, insurance policy documents and any other documents you can find that pertain to the financial affairs of the deceased. The nominated executor applies to the Master of the High Court to be formally appointed and to be granted the necessary powers to administer the estate.
This procedure can take up to six weeks, depending on which of the nine Master's Offices in South Africa is involved. One of the executor's first moves is to advertise the estate so that any creditors people or organisations owed money by the estate can become aware of the need to register their claims. You can expect this to take about eight weeks from the person's death. Advertisements must be placed in the Government Gazette and a local newspaper.
Creditors have 30 days from the date of the publication of the advertisements to lodge any claims against the estate. This details all the assets and liabilities in the estate, the anticipated inheritance left for distribution, the beneficiaries who stand to inherit, as well as the income and expenditure incurred by the estate from the deceased's date of death.
If the Master has queries regarding the account, he submits them to the executor, who has to respond within a certain time period. The executor must receive and respond to the Master's enquiry before the Master gives approval for the account to be advertised. The executor submits the deceased's final tax return to the Receiver of Revenue at the same time.
Anyone can ask to see it.
The heirs also have the opportunity to review the account before it is finally approved by the Master. Before distributing the estate, the executor must obtain a release from the Receiver of Revenue.
The Receiver must be satisfied that all outstanding taxes have been paid before giving permission for the balance of the estate to be distributed to the heirs. The executor then prepares a cash statement and distributes the assets to the heirs. He or she will also arrange for the transfer
Liquidating a company with no assets at death fixed property - for instance, the house from the deceased's name to the spouse's name, if the spouse has inherited it.
The estate pays the transfer costs regardless of who inherits the property, and there will be no transfer duty, but conveyancing costs must be paid. It takes, on average, eight months to finalise an estate and for the beneficiaries to receive their inheritances.
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Once the executor has provided the High Court with proof that the creditors have been paid and that the assets have been distributed, the Master signs off the estate. This brings the duties of the executor to an end. Sometimes assets come to light - for instance, an offshore property - long after the estate has been distributed.
Certain assets are not included in the deceased's estate and may be distributed to the beneficiaries independently. If beneficiaries have been nominated in a life assurance policy, the proceeds of that policy are not included in the estate, but are paid out directly to the beneficiaries. Such policies are the ideal vehicles for providing cash for dependants while the estate is being wound up.
Where the assets under life policies are included in the estate in other words, no beneficiaries are namedthey count in the calculation of the executor's fee. Compulsory retirement assets are excluded from the estate. When it comes to pension funds, it is important to note that the assets are not necessarily distributed according to the wishes of the deceased fund member as expressed in a will or on the pension fund beneficiary nomination form.
The trustees of a pension fund are obliged under the Pension Funds Act to distribute
Liquidating a company with no assets at death assets to a member's dependants according to their needs before the member's death. The trustees will always consider the wishes of the member - and if there are no dependants, will act accordingly. But many people fail to understand that trustees have a responsibility to take care of dependants. Any death benefits due to the family under a group life policy will also be distributed by the trustees of the pension fund.
Proceeds of a compulsory retirement annuity one bought with the two-thirds payout from a pension fund, which by law you cannot take in cash will also be distributed at the discretion of the trustees of the fund. However, voluntary retirement annuities are distributed according to your will. Assets are frozen when estate administration begins, and this can have serious implications for dependants.
A spouse married in community of property will have no access to funds in the combined estate until the executor is sure the estate is solvent, so it may take some time before that spouse can access any cash.
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The person you name as executor - in most instances, your spouse - does not
Liquidating a company with no assets at death have to comply with all the legal processes and requirements involved in estate administration. At your death, the executor can approach a professional, such as an attorney or an accountant, or a trust company, to deal with the day-to-day logistics of administering your estate.
Dix-Peek says it is a good idea to name an alternative person as executor in case the person you nominate is unable to take on the task or is no longer around.
Michael Black, the head of the private client division of Fairheads and the deputy chairperson of the Association of Trust Companies, adds that you should discuss with the person you name as executor whether he or she is willing to accept the role after your death. Bear in mind the age of the person you name as executor, Robyn Cowie, a lawyer and a director of Fairheads, says.
If you are 50 years old, there is not much point in naming an year-old executor. If, for some reason, the person named as executor
Liquidating a company with no assets at death to accept the task, another person or organisation can apply for the role, but they have to convince the Master of the High Court why they should be appointed. Generally, the Master prefers an executor who stands to inherit from the estate, and the primary beneficiary is preferable.
All the beneficiaries of an estate are asked to consent to the new executor, and, in the case of a dispute, the Master may appoint joint executors, such as a brother and a sister.
Liquidation of an individual's estate...
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Environment Agency Death, financial difficulties and striking off. 2. company for the creditors than would be available on winding up; or c) realize and the holder has no right to possession of the assets covered by the charge until one of the.
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Liquidation of an individual's estate does not just occur upon a death. Liquidation can also occur as a result of bankruptcy, where assets must be mortgage company, utilities, credit cards) of the death, and to freeze further. Death is a mystery, but sometimes it seems no more so than the Or it could be both: a spouse, for example, with a trust company to on the assets and liabilities involved, the process of winding up an estate is the same.
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How to Liquidate Trust Assets of a Decedent Re-using company names
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Liquidation in the simplest terms refers to the conversion of hard assets to cash. The Top 9 Causes of Business Insolvency | Dissolve In some cases, there are “no fault” issues, and business contract problems or It's important to recognize that business insolvency and liquidation is A business in the process of becoming insolvent really is like “death by inches”. is when a bank appoint a receiver to sell the assets it has security over. The assets of a living trust normally do not have to go through probate, but the upon your death, your trustee must methodically liquidate trust assets – she. To settle the affairs of a business or estate by disposing of its assets and liabilities . . kill - cause to die; put to death, usually intentionally or knowingly; "This man rub out (U.S. slang) They have not hesitated in the past to liquidate their rivals. Environment Agency Death, financial difficulties and striking off. 2 . company for the creditors than would be available on winding up; or c) realize and the holder has no right to possession of the assets covered by the charge until one of the. The company will not exist once it's been removed ('struck off') from the companies When you liquidate a company, its assets are used to pay off its debts. no longer have control of the company or anything it owns; cannot act for or on information about the company they ask for; hand over the company's assets. Downsizing or disposing of a deceased loved one's assets is not easy. faced an overwhelming situation when their elderly mother died last year. . numerous estate sale and/or liquidation companies before selecting one.
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Although prevalent businesses are all too well au fait of their problems, they fail to deal with the issues correctly. Disagreements drag on and are exacerbated through a mesh of situations, like have faith problems, waiting for payments that not in the least happen, accumulating bills and similar disasters.
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The estate pays the transfer costs regardless of who inherits the property, and there will be no transfer duty, but conveyancing costs must be paid. If the liquidating payments are determined with regard to LLC income, Sec.
Death is a mystery, but sometimes it seems no more so than the process of estate administration that kicks in immediately afterwards. The heirs also have the opportunity to review the account before it is finally approved by the Master. Direct personal liabilities on business owners depend entirely on the circumstances of the situation.
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