Many individuals are under the impression that if they state their wishes to their loved ones, family and friends that this is how their estate will be bequeathed. In reality however, if one dies without a will or “intestate”, there are a set “rules” that the law will apply to the estate of the deceased. These “rules” are contained in the Intestate Succession Act as stated above.
This article will examine the procedure to be followed in the administration of a deceased estate.
The Minister of Justice and Correctional Services on the 24 November 2014 amended the amounts for the Administration of Estates Act 66 of 1965 and the Intestate Succession Act 81 of 1987 from R 150 000,00 to R 250 000,00.With the recent amendment, the legislator indents to simplify the process of administration of deceased estates making it simpler and more cost effective for the public.
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