Administration of estates

Question 1

Administration of estates

Answer 1

is the process, including all administrative actions to initiate and complete the process, by which a deceased estate is liquidated by an executor under the supervision of the Master of the High Court and is divided among the beneficiaries.

Question 2

Deceased estate

Answer 2

Consists of the assets and liabilities of a deceased person at the time of his or her death.

Question 3

Residue or residuary estate

Answer 3

The residue of the estate refers to that part of the deceased’s estate, which remains after funeral expenses, all debts, taxes, administrative fees and other administration costs, maintenance claims, and all legacies have been paid out.

Question 4

Solvent or insolvent estate

Answer 4

Should the assets exceed the liabilities, the deceased estate is solvent and should it be vice versa, the estate is insolvent and has to be executed as prescribed in the Administration Act.