If you are inheriting from someone who passed away on or after 1 January 2018, don’t blame the estate’s executor for one substantially-increased cost you may notice – Master’s Office fees.
They are calculated on the value of the deceased estate and were long overdue for an increase, going up sharply from the old maximum of R600 to a new maximum of R7,000 (which will apply to any estate of R3.6m or more).
See the table below for details –
|Value of Deceased Estate||Master’s Fees|
|Before 1.1.18||From 1.1.18|
|R15,000 or more but less than R17,000||R42||–|
|R17,000 or more – R6 for each additional R6,000||+ R6 / R6,000||–|
|Subject to a maximum of||R600||–|
|R250,000 or more but less than R400,000||–||R600|
|R400,000 or more – R200 for each additional R100,000||–||+ R200 / R100,000|
|Subject to a maximum of||–||R7,000|
© DotNews, 2005-2018. This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)