Estate inventory and inheritance
When a person dies, the property and debts left behind by him/her are called the estate. The estate is represented together by stakeholders in the estate until the inheritance is distributed.
An inventory of the deceased person's estate must be arranged within three months of death. During the estate inventory meeting, the estate's funds and debts are determined, as are the heirs and legatees.
You have to pay tax for property that you have inherited or received as a beneficiary of a last will and testament.
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Handling the deceased person's banking and insurance
The use of the deceased person's assets must be agreed on with all estate stakeholders.
How to organise an estate inventory
The estate inventory must be held within three months of a person's death.
How is inheritance distributed?
The deceased person's property is transferred to the new owner either on the basis of inheritance or a will.
Division of wealth after a spouse's death
The surviving spouse is entitled to half of the couple's property, unless otherwise stipulated in a prenuptial agreement.
Execution of the last will and testament
If the deceased person has direct heirs, an outside party can only inherit the deceased person's property as a beneficiary of their last will and testament.
Paying the inheritance tax
You have to pay tax for property that you have inherited or received in a will.