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Please note the recent amendment to the Administration of Deceased Estates Act published in Government Gazette no 41224 on 3 Nov 2017.
Masters fees are now:
(1) On all estates of deceased persons or estates under curatorship or administration in terms of the Mental Health Care Act, 2002 (Act No. 17 of 2002), (except estates under the custody of an interim curator pending the appointment of an executor) the gross value of which according to the executor's or curator's account:
(a) is R250 000 or more but less than R400 000: R600;
(b) is R400 000 or more for each complete further R100 000 with which the gross value exceeds R400 000, a further R200; subject to a maximum fee of R7 000.
Where the deceased was one of two spouses married in community of property the said fees shall be assessed upon the gross assets of the joint estate.
This will be effective 1 January 2018 and shall only apply to the estate of persons who die on or after 1 January 2018.
Wynand Louw CFP® FIISA
Following receipt of numerous requests from the public to provide clarity on the implications of the recent Constitutional Court judgment regarding the correct accounting treatment of medical schemes members’ personal savings accounts (MSA); the Council for Medical Schemes (CMS) would hereby like to provide an explanation on how scheme members with a medical personal savings account are affected by the ruling.
To read the article, please click here.