The liquidation account and the distribution account of deceased estates
ID:CVTEA

Video Overview

When a person dies, his estate must be distributed to his or her heirs. The way in which this is done depends on whether the person had a will or not. If there is a valid will, the deceased estate is distributed in terms of the will to the testamentary heirs. If the person dies without a valid will, the deceased estate is distributed in terms of the intestate laws of the country to the intestate heirs. The administration of deceased estates is the process that is followed in order to divest a deceased person of his or her assets, and to transfer those assets, after the payment of any debts in the estate, to the testamentary or intestate heirs. An executor is appointed to administer the deceased estate. One of the executor’s duties is to draw up a full executor’s account that consists of a heading, the liquidation account, the recapitulation account, the distribution account, the income and expenditure account, the asset account, the estate tax-addendum, and the executor certificate. In this tutorial we will focus on the liquidation account and the distribution account.