Deceased Estates: How to Draft an L&D Account

Understanding the legal aspects and considerations of Deceased Estates is one thing but drafting the actual L&D Account is quite another.

Of course, it is important to understand the law and how certain specific transactions is to be treated in the L&D Account, however, completing an L&D Account from start to finish, without hesitation and uncertainty, is what every Executor aims for. Knowing that every single aspect of that account has been carefully considered and correctly recorded is part of the successful winding up of a deceased estate in the shortest period of time.

Join us for this very insightful course, during which the following transactions will be demonstrated on the L&D Account as a base for the demonstration.

Topics Discussed:

• Surviving spouse’s inheritance (section 4q)

• Section 4A

• Policies paid directly to third parties

• Administration costs

• Other exemptions

• Transfer duty

• Any SARS tax is an administration cost in the estate

• A dependent claims that they have not been properly provided for under the Will

• Sale of property or personal assets

• Creditors

• Someone refuses to turn over an asset belonging to the estate – costs involved

• Joint ownership of assets

• Deceased had other children nobody knew about – how to adjust L&D Account

• Under estimation of Estate Duty

• Personal loan accounts owed to companies/ business from deceased borrowed from business then payable back on death

• Cash shortfall

• Possible capital gains tax

• Outstanding tax returns and TAX owed

• Divorce orders

This is a practical and interactive live demonstration.

The presenter is going to demonstrate how the above elements are to be recorded in the L&D Account and how estate duty will be applied.