So there I was, studying the Hammer and Gavel section of The Citizen newspaper, curious as to what was being auctioned off, when I stumbled upon the Legal Notices section.
Now being bored out of my mind I decided to start counting all the notices dealing with late estates, and I thought I’d quickly share this tidbit of information with you. It’s also quite a shocker – mind you – reading through these notices and finding that some of the dates of birth are uncomfortably close to yours (Makes you want to pull out that life insurance policy again)!
- Notices to creditors and debtors
The purpose of these notices are to inform all creditors and debtors of the passing away of an individual. I counted a total of 69 notices. What I found interesting was that one or two of these people had already passed away in 2009 and there was even one dating as far back as 2005! This notice informs all people who are owed money (and those who owe money too!) that they need to lodge a claim against the estate or forever hold their peace.
- Insolvencies
These notices are specifically placed for creditors. Confirmation that the liquidation and distribution account pertaining to the estate has been drawn up is usually the purpose of these notices. This account outlines ‘what will be sold off‘ and ‘who will get paid what‘. It also lets creditors know that they need to pop in at the Masters offices and raise any objections if necessary. I counted 150 notices regarding insolvent estates alone!
- Surrender of Estate
From what I can understand, this notifies creditors that the estate is applying to the High Court in order to surrender its assets for the benefit of the creditors. I counted 83 such notices!
What’s the point I’m trying to make?
Nothing really…Except for the thought of:
“I wonder how many families have been left penniless as a result?”
Who knows, maybe a little financial planning long before the time could have made all the difference?
Enjoy your weekend!
Related posts:
- Financial Planning | We Are Married COP And My Spouse Is Insolvent
- Hands Up Those Of You Without A Will!
- Life Insurance | Does A Will Override Life Insurance Beneficiaries?
- For Better Or For Worse…We’re Married In Community Of Property!
- Financial Planning | Why Would You Want A Trust Anyway?
Article by Lawrence
Someone, who as he gets older, finds he has more questions than answers
Lawrence has written 150 awesome articles for us at Insurance Fundi
