SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Liquidate a deceased estate 
SAQA US ID UNIT STANDARD TITLE
119137  Liquidate a deceased estate 
ORIGINATOR
SGB Banking and Micro Finance 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5  15 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
This unit standard is intended for persons who attend to the administration of deceased estates. A person credited with this unit standard will be able to set-up the estate, arrange for the valuation of the assets, realise those assets that have to be sold, settle the income tax and other liabilities and administration expenses of the estate, deal with the post-death income and expenditure and maintain the relationship with the beneficiaries. 

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
Prior to attempting this unit standard the learner should be competent in the following:

Unit standards:
  • " Demonstrate knowledge and understanding of the FAIS legislation"
  • " Demonstrate knowledge and understanding of the Capital Gains Tax Act"
    and
  • Communication at NQF Level 4
  • Mathematical Literacy at Level 4
  • Business administration skills Level 4 
    		•

    UNIT STANDARD RANGE 
    N/A 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Manage the accounting aspects of a deceased estate. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    A bank account in the name of the estate is opened according to company-specific procedures and legal requirements. 

    ASSESSMENT CRITERION 2 
    Accounting records to reflect transactions over the estate banking account are established and maintained in accordance with accepted accounting practice and company-specific requirements. 

    ASSESSMENT CRITERION 3 
    The investment of any surplus funds received in the estate is arranged from time to time in accordance with legal and company-specific requirements. 

    SPECIFIC OUTCOME 2 
    Value the assets. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Valuations in respect of all the assets in the estate are obtained which are acceptable to the Master of the High Court. 

    ASSESSMENT CRITERION 2 
    In the case of a marriage in community of property, valuations are obtained in respect of all the assets of the surviving spouse which are acceptable to the Master of the High Court 

    SPECIFIC OUTCOME 3 
    Establish and settle the income tax liability. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The death is reported to the revenue authorities and the necessary income tax /VAT return(s) obtained for completion to meet the requirements of the fiscal authorities. 

    ASSESSMENT CRITERION 2 
    The Employee tax certificate in respect of remuneration earned or pension received is obtained. 

    ASSESSMENT CRITERION 3 
    Documentary evidence in respect of interest, dividends, rentals and any other income received by the deceased is obtained and prepared in a format acceptable to the revenue authorities. 

    ASSESSMENT CRITERION 4 
    Documentary evidence in respect of any tax deductions allowable is obtained and prepared in a format acceptable to the revenue authorities. 

    ASSESSMENT CRITERION 5 
    Any liability for Capital Gains Tax and/or VAT is calculated in accordance with the relevant legislation. 

    ASSESSMENT CRITERION 6 
    The tax/VAT return is fully and correctly completed to meet with the requirements of the revenue authorities. 

    ASSESSMENT CRITERION 7 
    Once taxes have been assessed, the income tax/vat assessment is checked for correctness, any tax is settled and paid timeously or any tax refund due is collected and reflected in the accounting records maintained for the estate in accordance with accepted accounting practice and company-specific requirements. 

    ASSESSMENT CRITERION 8 
    There is an application for a tax clearance certificate from the revenue authorities if the deceased is not liable for income tax/vat. 

    SPECIFIC OUTCOME 4 
    Realise such assets as are required to be sold or redeemed. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The amount to be realised from the sale or redemption of assets which is required to meet the liabilities, administration expenses and any estate duty payable is determined. 

    ASSESSMENT CRITERION 2 
    The formal consent of the heirs to the sale of the assets to be sold in accordance with legal requirements is obtained. 

    ASSESSMENT CRITERION 3 
    The sale or redemption of the assets to be sold in accordance with the requirements of the Master of the High Court and all other legal requirements is arranged. 

    ASSESSMENT CRITERION 4 
    The transfers and registration to the purchasers of assets sold so as to meet with all legal requirements is arranged. 

    ASSESSMENT CRITERION 5 
    The proceeds of all assets realised in full are collected and reflected in the accounting records maintained for the estate in accordance with accepted accounting practice and company-specific requirements. 

    SPECIFIC OUTCOME 5 
    Establish, record and settle the other liabilities and administration expenses of the estate. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    All valid claims received against the estate are recorded and confirmed to each creditor that the claim has been recorded against the estate. 

    ASSESSMENT CRITERION 2 
    The advertisements to creditors are arranged in accordance with the requirements of Section 29 of the Administration of Estates Act. 

    ASSESSMENT CRITERION 3 
    Any applicable Antenuptial Contracts, Postnuptial Contracts or Divorce Orders for donations, maintenance liabilities or other possible claims are examined. 

    ASSESSMENT CRITERION 4 
    Expenses incurred during the administration of the estate are paid timeously. 

    ASSESSMENT CRITERION 5 
    The Executor's fees and the fee payable to the Master of the High Court in accordance with the applicable tariffs are calculated. 

    ASSESSMENT CRITERION 6 
    The cancellation of any mortgage bonds registered over immovable property with all legal requirements satisfied, is arranged. 

    ASSESSMENT CRITERION 7 
    Claims against the estate are settled timeously in accordance with the provisions of the Administration of Estates Act. 

    ASSESSMENT CRITERION 8 
    Details of the claims and administration expenses paid are reflected in the accounting records maintained for the estate in accordance with accepted accounting practice and company-specific requirements. 

    ASSESSMENT CRITERION 9 
    Claims that are denied are dealt with in accordance with company and legal requirements. 

    SPECIFIC OUTCOME 6 
    Deal with the post-death income and expenditure. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The post-death income due to the estate to ensure that all income is received when due and payable, is monitored. 

    ASSESSMENT CRITERION 2 
    Post-death income received is deposited to the estate banking account and reflected in the accounting records maintained for the estate in accordance with accepted accounting practice and company-specific procedures. 

    ASSESSMENT CRITERION 3 
    Post-death expenses incurred are settled timeously and reflected in the accounting records maintained for the estate in accordance with accepted accounting practice and company-specific requirements. 

    ASSESSMENT CRITERION 4 
    The Executor's fees on post-death income collected are calculated in accordance with the applicable tariff. 

    SPECIFIC OUTCOME 7 
    Maintain the relationship with the beneficiaries. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    Full details of the heirs and legatees are obtained and recorded to meet with the requirements of the regulations attached to the Administration of Estates Act relative to the preparation of the Liquidation and Distribution Account and to facilitate communication. 

    ASSESSMENT CRITERION 2 
    The heirs and legatees are informed of their inheritances and each heir provided with a copy of the Will. 

    ASSESSMENT CRITERION 3 
    Any cash shortfall arising in the estate is calculated and the payment thereof is arranged with the heirs. 

    ASSESSMENT CRITERION 4 
    If it is required that the assets be re-distributed amongst the heirs, the agreement of the heirs to the basis of the redistribution is obtained, and a Redistribution Agreement which meets legal requirements is prepared and executed. 

    ASSESSMENT CRITERION 5 
    Reports on the progress of the administration of the estate to the heirs are prepared as is required in terms of company-specific policy. 

    ASSESSMENT CRITERION 6 
    Advances to the heirs of cash or assets on account of their inheritances where indicated and possible, subject to company-specific policies and procedures, are arranged. 

    ASSESSMENT CRITERION 7 
    Any amounts paid to the heirs as an advance against their inheritances, or amounts received from the heirs on account of any cash shortfall in the estate are reflected in the accounting records maintained for the estate in accordance with accepted accounting practice and company-specific requirements. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this unit standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Moderation of assessment will be conducted by the relevant ETQA according to the policies and guidelines for assessment and moderation of that ETQA, at its discretion, in terms of agreements reached about assessment and moderation between various ETQAs (including professional bodies). 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • The requirements of the Administration of Estates Act and the requirements of the Master of the High Court relating to the administration of a deceased estate.
  • The procedures relating to the administration of a deceased estate.
  • The Law of Persons and the Laws relating to marriage and divorce.
  • Intestate succession
  • Testamentary Law
  • Income Tax Act
  • VAT Act
  • Wills Act
  • The Laws relating to immovable property, in particular the sale and transfer thereof.
  • Stocks, shares, investments and stock exchange procedures
  • Estate duty and the other taxes
  • The laws and procedures relating to the administration of deceased estates
  • The institution's relevant policies and procedures and range of products
  • Bookkeeping and accounting principles
  • Exchange control regulations and procedures 
    		•

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    The learner is able to identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made when establishing, recording and settling the other liabilities and administration expenses of the estate, and when dealing with post death income and expenditure. 

    UNIT STANDARD CCFO WORKING 
    The learner is able to work effectively with others as a member of a team, group, organisation and community in evaluating the assets. 

    UNIT STANDARD CCFO ORGANISING 
    The learner is able to organize and manage self and activities responsibly and effectively, when conducting all specific outcomes. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, analyse, organise and critically evaluate information when valuing the assets, when establishing, recording and settling the other liabilities and administration expenses of the estate, when dealing with post death income and expenditure and when managing the accounting aspects of a deceased estate. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematical and / or language skills in the modes of oral and / or written persuasion when maintaining the relationship with the beneficiaries. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Supplementary information:

    The legal requirements of:
  • The Administration of Estates Act and the Master of the High Court relating to the administration of a deceased estate.
  • The procedures relating to the administration of a deceased estate.
  • The Law of Persons and the Laws relating to marriage and divorce.
  • Intestate succession
  • Testamentary Law
  • Income Tax Act
  • VAT Act
  • Wills Act
  • The Laws relating to immovable property, in particular the sale and transfer thereof
  • The Administration of Deceased Properties 
    		•

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  61589   National Certificate: Banking  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. Absa Learning & Development 
    2. AFRICAN BANK LTD 
    3. Chartall Business College 
    4. Plumb Line Risk Alignment 
    5. Riverwalk Trading 151 CC trading as Culhane Consulting 
    6. The Institute of Literacy Advancement 
    7. THE SHERQ CENTRE OF EXCELLENCE PTY LTD 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.