I have come across widows whose husbands died more than 10 years ago and to date, there is no clarity as to when the winding up of their estates will be finalised. The costs keep piling up and sometimes there are assets e.g. properties, businesses, etc… but they cannot even sell these until the estate is wound up
 
In this newsletter, I am sharing with you the costs related to the Administration of a Deceased Estate. As you go down the list, you will realise why it is important to get proper advice and ensure that you make provision for all the costs so that your loved ones do not have to suffer for years after you have passed on. So if you have elderly parents or you are worried that you might not have made provision for the fees to ensure the efficient winding up of your estate, email info@thuthuka-sa.co.za

1. Executor fees calculated at 3.5% plus VAT on the gross estate value
2. 6% plus VAT on income earned after date of death
3. Conveyancing fees, dependent on the market value of property at the date of death
4. Bond cancellation fees
5. Capital Gains Tax
6. Professional fees
7. Accrual claims in the case where clients are married out of community of property with accrual
8. Estate Duty
9. All debt due by the deceased at date of death
10. Postage, petties and advertisement fees
11. Master’s fees to a maximum of R7 000
12. Estate late bank account
13. Costs of bond of security if the executor is not exempt from furnishing security for the administration of the estate
14. Estate agent’s commission
15. Appraisement costs for the valuation of assets for estate and estate duty purposes
16. Rates and taxes on fixed property
17. Costs incurred in the realisation of estate assets e.g. estate agent’s commission, brokerage on sale of shares etc.
18. Funeral expenses
19. Maintenance of assets
20. Premium payments on short-term insurance over estate assets
21. Payments in respect of any surety obligations
22. Maintenance claims by spouse or minor children
23. Duplicate motor vehicle registration certificates where the original certificate is not available

Thanks to Advocate Anneke for sharing the list of costs with us