The average time it takes to wind up an estate is 6 months, but in extreme cases it may even take years to finalize.
Factors that can cause delays:
- The absence of a valid will.
- The pressure of work overload experienced bylocal authorities which lead to delays in the issuing of municipal clearance figures.
- Outstanding tax returns.
- When title deeds are missing and duplicates must be requested.
- Cash shortfalls and the associated or subsequent sale of estate assets.
- Unnatural deaths, which mean waiting for post-mortem reports from the police.
- The redistribution of assets.
- The transfer of firearms.
- The acquisition of balance sheets.
- The acquisition of a valuation of shares for estate duty purposes.
- Pending Court Cases.
- Maintenance Claims.
- Divorce orders that have not been adhered to.
- The tracing of heirs.
- Complicated business interests for which no proper estate planning had been done.
- Having to transfer funds to heirs who now live abroad and no longer have South African bank accounts.
- The illegal occupation of residential properties and associated eviction orders.
Expedite the process by doing the following:
- Conduct proper estate planning and ensure you have a valid will.
- Provide correct and complete information from the outset.
- Take out insurance policies to prevent cash shortages in your estate.
- Ensure that your will is valid and enforceable.
- Keep all important documents, such as insurance policies, investment documents, title deeds and bank statements in a safe place.
- Ensure that your original will is kept in safe keeping.
For any further information or assistance, contact our highly skilled Estates staff at 044 601 9900 or office@rgprok.co.za. Get your online Will on our Will Page.
