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An individual and his wife is members on a close corporation…

Good day An individual...

Good day An individual and his wife is members on a close corporation In the CC the only asset is a house and has a bond on it The individual passed away and in his will he request that the property must be inherited by his son How must the estate be handled Must the bond be paid out of the individual who passed away estate because he was the member in the CC and must his son who inherited the property become a member thus change of ownership and who is liable for the outstanding bond The bond was on the name of the CC whilst the individual was still alive and also and outstanding amount at his death He was married in community of property

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

SOUTH AFRICA

Lawyer's Assistant: Has anything been filed or reported?

The estate has been reported to the Master of the Supreme Court The Individual died in September 2017 but not been finalized as yet No Liquidation and Distribution account as yet

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No this is the only problem we have to deal with in this estate

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Answered in 1 hour by:
1/10/2018
Christiaan K
Category: South Africa Law
Satisfied Customers: 217
Experience: Attorney & Director at Lombard Kotze Incorporated
Verified

Good day

My name is ***** ***** I will assist you in answering your question today so please feel free to ask as many followup questions as you like until you are satisfied that I have answered your question.

Unfortunately, the individual who passed away could not leave an asset of the CC to his son in his will. He could only leave his membership interest in the CC to his heirs/beneficiaries in his will.

Also, even if he could leave it in his will, the property was not fully owned by one individual since there is also his wife who had a share (members interest).

The CC will remain liable for the outstanding bond since it is not concerned with the passing of a natural person.

I trust that this answered your question.

Please be so kind as to rate my service by clicking on the relevant stars or smiley faces. If you do not rate my service, I do not get paid by the website so Iwould really appreciate it if you would be so kind as to rate my service positively.

Kind regards

Christiaan K
Category: South Africa Law
Satisfied Customers: 217
Experience: Attorney & Director at Lombard Kotze Incorporated
Verified
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Customer reply replied 5 months ago
Thank you so much Will rate your service

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Category: South Africa Law
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Experience: Attorney & Director at Lombard Kotze Incorporated

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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