L&D Account
If there is a Will, the Executor will use this document to determine how the assets will be distributed. In the absence of a Will, the assets will be distributed in accordance with the Intestate Succession Act.
The L&D account must then be advertised in the local newspaper and government gazette in terms of Section 35 of the Act. The provides an opportunity for any interested parties to lodge objections with the Master. If no objections are
The executor is then required to advertise the deceased estate so that any potential creditors can register their claims. To do this, the executor will need to place a Section 29 advert in the local newspaper and government gazette in
As is evident, the process of winding up an estate is lengthy, time-consuming and administratively intensive. It also requires that the Executor has a good understanding of accounting, finance and tax.
