LIFE is about CHANGE, sometimes it’s painful, sometimes it’s beautiful, but most of the time it’s both.
The thought of autumn is somehow stuck in one’s mind when one think of change. Life changes, like the leaves on a tree and the colours of the autumn leaves are such a beautiful sight to behold. Change is an interesting part of life. Some changes are exciting and challenging and others can be hard and rather difficult.
The changes in the Efficient group are very exciting, but there is also the sad reality that Christo and Nico Burger are getting ready to leave the Efficient family. Undoubtedly their presence will be missed by many. On the other hand, we would like to congratulate Rudi on his appointment as Managing Director of Efficient Wealth.
Having a Will in place, nominating a qualified, experienced Executor like Efficient Board of Executors (Pty) Ltd, makes it so much easier to administer the estate of a deceased loved one. However, the role of the Executor is often misunderstood. What are the duties of an Executor?
An Executor has very specific tasks when administering a deceased estate; it is his duty to handle the legal
formalities associated with the estate:
· He has to report the estate to the Master of the High Court and apply for the
Letters of Executorship to be issued in his favour.
· Only after the Letters of Executorship has been issued by the Master, can the
Executor take immediate control of all the assets in the estate and arranges for
bank accounts to be frozen.
· After the next of kin has supplied all the relevant information regarding the
various assets, the Executor can account this in a first and final liquidation
and distribution account to be lodged with the Master of the High Court.
· Incorporated in this account should be a distribution account, reflecting how
the estate will be distributed amongst the nominated beneficiaries as per the
Will of the deceased.
· Only once this account has been approved by the Master of the High Court,
has been advertised and has been available for inspection and is free from
objections, can the Executor proceed with the distribution of the estate.
· If there is no Will, the assets must be distributed to the next of kin in terms of
the Intestate Succession Act.
Clearly, accepting a nomination as Executor entails a lot of work and it can get very complicated in a heartbeat – especially when a dispute arises, or when there are insufficient funds to cover the costs. That is all the more reason to ensure an Executor who is up to the task and has the necessary knowledge and expertise to complete the process if nominated.
It is not the task of the Executor to enforce clients wishes, but to execute the legal matters of an estate. It therefore implies that a Living Will is not executed by the Executor, neither the funeral wishes and arrangements or care of animals, etc.
In our April Newsletter No 11, we discussed a practical list of documents that should be available and how important it is that the next of kin know where to find all the relevant documents and information. It could be insightful to have a look at that list again.
Also see a summary of the Estate Process on our website: www.efboe.co.za
Now the question: Can one appoint a family member as Executor? Read more on this subject in the next edition.
THE SAD STORY OF JANIS JOPLIN
Janis Joplin was born in Port Arthur, Texas, on January 19, 1943. She was one of the biggest rock stars of her era. In her brief career as a rock and blues singer, she recorded four albums containing a number of rock classics, including "Piece of My Heart," "To Love Somebody," and "Me and Bobby McGee." Known for her heavy drinking and drug use, she died of an accidental heroin overdose on October 4, 1970 at the young age of 27 years. Her fourth album, Pearl, was released just over three months after her death and reached number one on the charts.
Janis made changes to her Will just two days before her death. She set aside $2,500 to pay for a posthumous all-night party for 200 guests at her favorite pub in San Anselmo, California, "so my friends can get blasted after I'm gone." The bulk of her estate reportedly went to her parents.