Study Unit 1: The Administration of Deceased Estates Flashcards
1
Q
Who is the Master?
A
Supervises the
- administrative process and the
- Executor’s activities, advisory and administrative functions in the process
2
Q
Who is the Executor?
A
- Person who actively administers the dead’s estate.
- Testamentary executor: nominated in the will
- Dative Executor: Executor nominated by the Master
3
Q
What are the principle functions of the executor?
A
- Complete relevant estate documents
- lodge all estate documents along with original will with the Master
- advertise to dead’s creditors to submit claims against the estate w/in 30 days
- pay all claims against the estate and creditors
4
Q
Where is information about the estate held?
A
Liquidation and Distribution account, which is prepared by the executor.
- lies open for objections for 21 days, if none, the executor can finalise the execution of the estate.
5
Q
Is succession a mode of acquisition of ownership?
A
No
- one can’t acquire something left to them in a will immediately upon death of Testator.
Greenberg v Estate Greenberg
6
Q
What are the requirements for succession to occur in favour of the successor?
A
- Estate owner must have died/court must have issued order of presumption of death in regard to estate owner.
- Successor must been born at moment of dies cedit or conceived at that time and later been born alive
- Successor must have survived deceased
- Successor must be competent to receive benefit.