ESTATE ADMINISTRATOR at Absa Group Limited (Absa)

Job Summary

• To administer deceased estates ranking from normal to more complex estates which might involve Capital Gain Tax and Estate Duty.

Job Description

Responsibilities

-Report the deceased estate to all relevant stakeholders via written correspondence, newspaper and Government Gazette (Master of the High Court, SARS, banks, insurance companies, auditors), to obtain Letters of Executorships, certificate of balance, evaluations of shares, deeds search, outstanding tax returns, membership of interest in close corporation. (In terms of the Estate Administrations Act the executor cannot administer an estate until they are in receipt of this documentation).
-On receipt of Letter of Executorship from the Master of the High Court; advertise (e.g. advertise in the local newspaper and Government Gazette) and for any debtors / creditors (section 29 notification) in respect of the estate late to submit their claims within thirty days of date of advertisement.
-Receive all relevant information as requested by the various stakeholders and start redeeming and transferring assets e.g. all assets in the name of the deceased which cannot be transferred must be redeemed and it is dependable on the instructions from the heirs / cash shortfall on the estate.
-Draft the liquidation and distribution account to reveal the true reflection of all the assets and liabilities as at date of death and submit any outstanding tax returns to SARS.
-Advertise (for twenty one (21) days) the Liquidation and Distribution account (section 5 notification) in the local newspaper / Government Gazette and with the Magistrate in the district were the deceased resided twelve (12) months prior to date of death and lodge the Liquidation and Distribution account with the Master of the High Court to attain approvals on the account / estate duty assessment to ensure the executor has adhered to its duties in terms of the Will.
-Instruct the Absa panel attorneys on the expiry date of the advertisement to lodge the transfer documents with the Deeds Office to transfer fixed property into the heirs names and ensure completion thereof.
-Obtain final tax assessment from SARS and finalise the deceased estate, by paying out the amount previously reserved in the cash statement for finalisation of the estate.
-Achieve set target as set out by management at the beginning of the year by taking in the executor's fees within the company norms.
-Ensure that all post (incoming mail, fax and correspondence) and filing is up to date as per the company norms (three days turnaround time) and report any irregularities (e.g. backlog of filing / post) to management timeously.

Education

Further Education and Training Certificate (FETC): Business, Commerce and Management Studies (Required)
Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised