Death Costs

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Zero Cost Executor Attorney Fees
Zero Cost Conveyancing Attorney Fees
Zero Cost Estate Administration Fees
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The following are costs relating to deceased estate administration:

'Late estate' bank account

The executor needs to open this bank account for the purposes of winding-up the estate.

Executor fees

In terms of current legislation the executor’s fee is 3.5% of the gross value of the estate assets plus 15 % VAT. That is the total value of the estate assets as on date of death. In terms of current legislation the executor’s fee is 6% on income earned by the estate after date of death plus 15% VAT. That is 6.9% in total on income earned by the estate after date of death. 

Conveyancing attorney fees

This fee is charged by a Conveyancing attorney based on the total value of the property and a transfer duty tax is charged to transfer the property into a non-beneficiary's name.

Bond cancellation costs

Should the executor need to cancel a bond, then there is a fee involved.

Testamentary trustee fees

This fee creates and manages the trust every year. Admin of trust = 1.5% on average

Masters fees

The fee that is charged by the Master of the high court for deceased estate purposes.

Advertising fees

2 adverts are placed in the local newspaper and the government gazette.

Creditors against the estate

This could be new bond costs, bad debt, card accounts, overdrafts, and interests etc

Income TAX or capital gains

An assessment would be done to determine what this cost might be, if any.

Rates and tax arrears

The clearance certificate will only be issued if the rates and taxes are paid in advance. The period that has to be paid in advance varies from area to area but is normally about six months. This amount may not be readily available and needs to be planned for in advance.

Other costs

These would be funeral fees, medical bills, paying utilities etc.

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