The Master of the High Court has applied massive increases - up to more than 1,000% - to the fees on deceased estates from next year. The new fees range from R600 to R7,000, depending on the value of the estate - and because many estates do not have sufficient cash to meet these and other costs without selling assets, the fee increase makes it a good time to check up on what will happen in your estate when you die. After your death, the executor of your estate has to pay a once-off fee to the Master after the estate has been registered but before the Master approves the liquidation and distribution account that the executor has prepared to finalise the estate and pay the heirs. Wouter Fourie, CEO of Ascor Independent Wealth Managers and a previous financial planner of the year, says while the Master's fee has been unchanged for a long time, the magnitude of the maximum fee increase from R600 to R7,000 is "enormous". The new regulations under the Administration of Estates Act come in...
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