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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Prepare, lodge and advertise the liquidation and distribution account in a deceased estate 
SAQA US ID UNIT STANDARD TITLE
119138  Prepare, lodge and advertise the liquidation and distribution account in 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
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

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 prepare, lodge and advertise the Liquidation and Distribution Account. 

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:
  • " Describe different types of equity based investments" (12170)
  • " Describe the different types of interest bearing investments and compare these to securities"
    and
  • Communication at NQF Level 4 

  • UNIT STANDARD RANGE 
    N/A 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Prepare the liquidation and distribution account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The Liquidation and Distribution Account is fully compliant with the requirements of the regulations made in terms of section 103 of the Administration of Estates account as to the content and form of the account. 

    ASSESSMENT CRITERION 2 
    The assets of the estate are fully and accurately reflected in the Liquidation Account: 
    ASSESSMENT CRITERION RANGE 
  • Immovable property realised
  • Immovable property awarded
  • Movable assets realised
  • Movable assets awarded
  • Stocks and shares realised
  • Stocks and shares awarded
  • The proceeds of life assurance policies
  • Claims in favour of the estate collected
  • Claims in favour of the estate awarded
     

  • ASSESSMENT CRITERION 3 
    The liabilities and administration expenses of the estate are fully and accurately reflected in the Liquidation Account and the Recapitulation Statement is correct. 

    ASSESSMENT CRITERION 4 
    The Executor's Fees and the Master of the High Court's fee are correctly calculated in terms of the relative tariffs applicable. 

    ASSESSMENT CRITERION 5 
    The distribution of the estate to the heirs is correctly shown in the Distribution Account in accordance with the terms of the Will or the Laws of Intestate Succession, and any Redistribution Agreement entered into by the heirs. 

    ASSESSMENT CRITERION 6 
    The post-death income, any expenses paid and the distribution of the balance to the heirs collected are correctly reflected in the Income and Expenditure Account. 

    ASSESSMENT CRITERION 7 
    Any fiduciary assets are fully and accurately reflected in the Fiduciary Assets Account in accordance with legal requirements. 

    ASSESSMENT CRITERION 8 
    Discrepancies in the inventory by means of the Executor's notes in the Liquidation and Distribution Account are reproduced. 

    ASSESSMENT CRITERION 9 
    The estate duty calculations are correct and any estate duty payable is correctly shown. 

    SPECIFIC OUTCOME 2 
    Lodge the liquidation and distribution account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Vouchers and other documents that are required in support of the Liquidation and Distribution Account in accordance with the requirements of the Master of the High Court are prepared and collated. 

    ASSESSMENT CRITERION 2 
    The Liquidation and Distribution Account and supporting documents with the Master of the High Court within the period, or extended period, allowed by the Master are lodged. 

    ASSESSMENT CRITERION 3 
    A supplementary Executors Inventory, together with an Acceptance of Trust as Executor, is prepared and lodged with the Master of the High Court, when there has been a substantial change in the assets reflected in the Inventory resulting in an estate no longer being administered in terms of Section 18.3(b). 

    SPECIFIC OUTCOME 3 
    Advertise the Liquidation and Distribution Account. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Advertisements are drafted to appear in the newspaper(s) and Government Gazette and include all the information required in terms of the Administration of Estates Act. 

    ASSESSMENT CRITERION 2 
    The requirements of Sections 35(4) and 35(5) are complied with, once approval for the Liquidation and Distribution Account has been obtained from the Master of the High Court after the Account has lain open for public inspection. 


    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
  • Bookeeping 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 in establishing, recording and settling the other liabilities and administration expenses of the estate, and in 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 when valuing 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, both orally and in writing, 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  Reregistered  2021-06-30  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. Chartall Business College 
    2. Felix Risk Training Consultants 
    3. The Institute of Literacy Advancement 



    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.