Ustav Business Solutions

13/04/2022

Please take note! ♥️
We look forward to this journey with you!

13/04/2022

Deceased Estates 101:

When and by whom must estates be reported?

The estate of a deceased person must be reported to the Master of the High Court within 14 days of the date of death.

The death is to be reported by any person having control or possession of any property or documents that is or intends to be a will of the deceased.

The estate is reported by lodging a completed death notice and other reporting documents with the Master which may be obtained from any Office of the Master of the High Court , Magistrate’s Office.

06/04/2022

FUN FACTS

Private company or better known as a (PTY) LTD:
Key points of a Private Company ((Pty) limited)

Subject to many certain legal requirements depending on turnover size.

Difficult and expensive to establish compared to Close Corporations and Sole Proprietorship, although it is now unlikely you will be able to purchase a new close corporation following their withdrawal in 2011.

A Private Company ((Pty) limited) must have at least one shareholder. This can be a foreign entity or another Pty Ltd or close corporation.

A Private Company ((Pty) limited) must have at least one director.

A Private Company ((Pty) limited) articles must restrict the right to transfer its shares, and prohibit any offer to the public for the subscription of any shares or debentures of the company. A Private Company ((Pty) limited) cannot, therefore, be listed on the stock exchange.

A private company cannot issue share warrants or bearer shares.

The quorum for a meeting is two shareholders for a Private Company ((Pty) limited) (except in the case of a one-person company), unless the Memorandum of Incorporation provides otherwise.

The voting rights of shareholders of a Private Company ((Pty) limited) must be determined by the Memorandum of Incorporation.

Certain Private Company’s ((Pty’s) limited) have to have their annual financial statements audited.

30/03/2022

Where must estates be reported?

Where the deceased was living in the Republic of South Africa, the estate must be reported to the Master of the High Court in whose area of jurisdiction the deceased was living 12 months prior to his/her death.

Where the deceased was not living in the Republic of South Africa at the time of his/her death, the estate may be reported to any Master of the High Court, provided it is reported to only one Master.

An affidavit in which it is stated that the letters of executorships have not already been grated by any other Master of the High Court in the Republic of South Africa must accompany the reporting documents.

From 5 December 2002, all Magistrates’ Offices are designated service points for the Master of the High Court and estates can be reported there. However, these service points have limited jurisdiction.

All estates with wills, as well as estates that exceed R125 000 in value, will be transferred to the provincial Master’s Office. Therefore, it is advisable to report these estates directly the Master’s Office.Note: If the estate value is less than R 250 000 and there is a minor heir, Legal Aid S.A.(LASA) can be contacted to assist in this regard.

16/03/2022

When to report a deceased estate to the Master of the High Court?

Which deaths?

The death of a person who dies within the Republic of South Africa and leaves property or any document that is a will or is intended as a will; and

the death of a person who dies outside of the Republic of South Africa, but who leaves property and/or any document that is a will or is intended
as a will, in the Republic of South Africa, must be reported to the Master of the High Court

09/03/2022

FUN FACTS

Private company or better known as a (PTY) LTD:
Shareholding:

The owners of a Private Company (Pty limited) are shareholders.

A company may not have an interest in a close corporation.

Previously the number of shareholders was restricted in a Private Company ((Pty) limited) to a maximum number of 50.

This restriction was, however, withdrawn in the The Companies Act, No 71 of 2008.

The rights and obligations of the shareholders vis-a-vis each other and vis-a-vis the company are set out in a memorandum of incorporation and shareholders agreement.

Ready to amend your shareholding or shareholders?
Contact us today!!

02/03/2022

FUN FACTS

Private company or better known as a (PTY) LTD:

Private Company (Pty limited) is treated by South African law as a separate legal entity and has to register as a tax payer in its own right.

A Private Company (Pty limited) has a separate life from its owners and is required by the The Companies Act, No 71 of 2008 to perform rights and duties of its own.

Ustav can assist with your company registration and any amendments related to your company today!!

23/02/2022

Did you know? 🤔🤷‍♀️

What happens to a person’s estate when he or she dies?
At death the estate of the deceased person is frozen, and no-one may withdraw funds from the deceased’s bank accounts or deal with any of the estate assets without the necessary permission from the Master of the High Court.

If the deceased was married in community of property, the joint estate is frozen. This situation often creates hardship for the surviving spouse, especially where the bank accounts were all in the name of the joint estate or in the name of the deceased.

Conact us for an effortless process to resolving your deceased estate!

14/02/2022

Are you struggling with a Deceased Estate?
Are you unsure where to begin and which steps to follow?

At Ustav, we are always available for guidance and advice in this tiring time!

14/02/2022

07/10/2021

Client satisfaction is our top priority!

05/10/2021

Ready to build an Empire and leave a Legacy?🤷‍♀️

Let Ustav Business Solutions assist you with:

• Company registrations
• Share certificates
• Resolutions and Special Resolutions
• Minutes of meetings
• Company amendments
• Close corporation amendments
• Trust formations and amendments
• Deceased Estates

Don't hesitate to send your enquiry to us today!
📧 [email protected]
📱 081 464 3122