• Section 29 Notice to creditors (form J193) in the Local Newspaper and Government Gazette. The Executor must provide notice to creditors, to inform them of the passing. The notice will request creditors to institute their claims against the estate within a period of 30 days. Any claims received must then be included in the Liquidation and Distribution account (see lower down).
  • Open an Estate Late account with a bank. Most banks have a specific process for this.
  • Obtain certificates of balance and tax certificates for all existing bank accounts, investments, and policies of the deceased. All bank accounts and investments (if not to be transferred to a beneficiary in accordance with the will) must be closed, and all funds paid into the estate late account from where it may be used to cover the costs associated with the winding up of the estate.
  • Obtain valuations for immovable and movable assets.
  • Attend to outstanding tax liabilities and obtain the tax clearance certificate from SARS. This might involve making payments from the Estate Late bank account.
  • Determine if the estate has sufficient assets to settle all liabilities. If not, the Executor must consider selling some of the assets, or the shortfall may be covered by the heirs, should they prefer to keep the asset.