When you die, somebody has to take control of your affairs. If you have a proper will drawn, then you will name your executor in your will. If you do not have a proper will, then the executor is appointed by the Master of the High Court. Your executor must now find out exactly what assets you own (e.g. a house, cars, furniture, and other belongings) and find out what everything is worth. You might also have insurance policies which he must cash in. He must also find out what debts you owe and he must use whatever money you have in your bank accounts to pay off the debts. If there is not enough money to settle your debts then he may have to sell some of your assets in order to do so. Once he has paid off the debts, he must distribute the assets and money as you have directed him to do in your will. Your executor has to report everything that he does to the Master of the High Court, who ensures that things are done correctly. It is advisable to always have a valid will and to check it periodically. Click here to fill in an online will instruction to us. If you have no will then the Master appoints an executor and he must follow the rules of what is called Intestate succession. This is basically a formula whereby everything must be given to your wife and children in certain shares and if you do not have a wife and children , then it must go to your parents and failing them to your brothers and sisters. For further enquiries please contact Mr Billy Fourie.
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