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Opening an Estate Late Bank Account in South Africa

Quick summary
The Estate Late account is the bank account the executor uses to wind up the estate. All estate money flows through it — bank balances, asset sales, insurance payouts, creditor payments and the final distribution to heirs.
You cannot open the account until you have Letters of Executorship. You must not commingle the account with personal funds. The account must be in the format “Estate Late [Name] [ID number]” — not “Deceased Estate of John Smith”.
This article covers what each major bank requires, how to apply, and the four most common mistakes new executors make.

When do you open the Estate Late account?

After Letters of Executorship are issued by the Master of the High Court — not before. The bank will not accept the application without the Letters, which typically arrive 8 to 12 weeks after lodgement.

For section 18(3) small estates (Letters of Authority), most banks will not open a full Estate Late account because the matter is too small. Instead, the bank releases the deceased’s existing balance against the Letters of Authority and the representative deposits it into a personal account temporarily.

Why you need a separate account

Three reasons:

1. Legal. The executor has a fiduciary duty to keep estate money separate from personal money. Mixing the two is commingling and is a breach of duty under the Administration of Estates Act.

2. Tax. The estate is a separate tax entity from the deceased and from the executor. SARS treats the Estate Late account as the estate’s books.

3. Practical. When you draft the Liquidation and Distribution account at the end, you need a clean record of every cent in and out. A dedicated account gives you that.

What banks accept Estate Late accounts

All four major banks open Estate Late accounts:

Bank Account type Monthly fee Online access Notes
FNB Estate Cheque Account ~R140 Yes Most efficient process; established estates team
Standard Bank Estate Account ~R150 Yes Requires branch visit
ABSA Estate Account ~R130 Yes Slightly slower turnaround
Nedbank Estate Cheque ~R145 Yes Strong for legal-firm executors
Capitec Limited ~R60 Yes Will open for small estates only
Investec Bespoke Variable Yes High-net-worth estates

Open the account at whichever bank holds the deceased’s main account — this simplifies the funds transfer in.

What you need to open the account

Every bank wants:

  1. Original Letters of Executorship (the Master’s stamped document)
  2. Certified copy of the deceased’s death certificate (unabridged BI-132)
  3. Certified copy of the deceased’s ID
  4. Your certified ID as executor
  5. Proof of address for you as executor (recent utility bill or bank statement)
  6. SARS tax number for the estate (apply separately — see below)
  7. The bank’s own application form (KYC, FICA)

Some banks also ask for:

  • Certified copy of the will
  • Inventory of estate assets
  • Your contact details and verification questions

Allow 2–4 weeks from application to account being live. The bank does its own KYC and FICA verification, which is slower than personal accounts because the estate is a non-standard entity.

SARS registration first

Most banks now require the estate to be registered with SARS before opening the account. The estate is a separate tax entity — it has its own tax number.

To register:

  1. Apply on form RAV01 (registration of representative) and RAV02 (estate registration)
  2. Attach Letters of Executorship and death certificate
  3. Submit at a SARS branch or via the registered representative process online
  4. Receive the estate’s tax reference number — usually 4–8 weeks

You can usually apply for the SARS number and the Estate Late account in parallel — most banks will accept “registration in progress” with a copy of the application receipt, then update the account once the SARS number arrives.

How the account works

Once open, the Estate Late account:

  • Receives the deceased’s bank balances (the deceased’s frozen accounts are closed and the funds transferred in)
  • Receives asset sale proceeds, insurance payouts, debtor collections
  • Pays creditors after their claims are verified
  • Pays Master’s fees, advertising costs, valuator fees, conveyancer fees
  • Pays the deceased’s outstanding tax to SARS
  • Pays the executor’s fee (only after Master approves the L&D account)
  • Distributes the residue to heirs at the end

The executor is the only signatory. You should have online access for transfers and a debit card for incidentals (paid back from the estate).

The four most common mistakes

1. Naming the account wrong

The account must be “Estate Late [Deceased’s full name] [ID number]” — for example, “Estate Late John Andrew Smith 5601015432081”.

Common wrong names:

  • “Deceased Estate of John Smith” — wrong word order, banks reject
  • “John Smith Deceased Estate” — wrong word order
  • “The Estate of the Late John Smith” — too long, banks reject

The correct format is fixed by the Master. SARS uses the format to link tax records.

2. Commingling

Never put personal money into the Estate Late account. Never take money out for personal expenses. Every transaction must be capable of being explained to the Master in the L&D account.

If you accidentally pay something personal from the estate (Netflix continuing because you forgot to cancel, for example), refund it to the estate from your personal account and log it.

3. Closing the account too early

Keep the Estate Late account open until the L&D account is approved by the Master and the residue is distributed. Closing it earlier means you have no way to pay residual claims, and reopening it is a process.

Once the estate is closed (Master writes confirming), close the account.

4. Mixing currencies or assets

Use one account, one currency (ZAR). If the estate has foreign assets or foreign currency, hold those separately and convert to ZAR before depositing into the Estate Late account. Mixing currencies is hard to reconcile in the L&D account.

Executor’s fee — when can you draw it?

The executor’s fee is paid from the Estate Late account, but only after the L&D account is approved. Drawing the fee earlier creates personal liability if the L&D account is later varied.

Maximum executor’s fee under tariff:

  • 3.5% of gross estate value (excluding VAT)
  • 6% of income earned by the estate during administration
  • Plus VAT if the executor is a VAT vendor

The Master approves the fee with the L&D account.

Closing the account

When the L&D account is approved and the estate is distributed:

  1. Pay the executor’s fee (approved amount)
  2. Distribute residue to heirs (per the L&D account)
  3. Pay any final disbursements (final newspaper notice, etc.)
  4. Close the account at the bank — provide final statements and the Master’s letter of approval

Keep all account statements for 5 years for SARS and Master audit.

Frequently asked questions

Can I use the deceased’s existing account?

No. The deceased’s accounts are frozen on death and closed when the bank receives Letters. A fresh Estate Late account is required.

Can I use my personal account temporarily?

No. Even for a few weeks, this is commingling. Wait the 2–4 weeks for the Estate Late account.

What if the bank refuses to open an account?

Try a different bank. Some branches are inexperienced with Estate Late accounts and reject for trivial reasons. Move to a more experienced branch — the bank’s main “deceased estates” department, not a retail branch.

Can I have an Estate Late savings account for higher interest?

Most banks offer an Estate Late current account by default. You can open a linked Estate Late savings account for any cash not immediately needed. Both must be in the same name format.

What about a small estate (under R250,000)?

For section 18(3) estates, banks typically pay the closing balance against Letters of Authority directly to the representative — no Estate Late account opened. The representative deposits the funds into a personal account and distributes from there. Keep clear records.

Are Estate Late account fees recoverable?

Yes. Monthly fees and transaction charges are estate expenses paid from the Estate Late account itself. They appear as expenses in the L&D account.

Can my attorney be a co-signatory?

Generally no. The executor is the sole signatory. The exception is where the will appoints joint executors — both must sign.

How MasterAssistant can help

We offer fixed-fee assistance for executors at the bank-account stage:

  • Estate Late bank account opening pack — R950 fixed. We compile all bank-required documents and walk you through the application.
  • SARS deceased estate registration — R1,250. We handle RAV01/RAV02 and follow up until the tax number is issued.
  • L&D account drafting — R7,500–R15,000 quoted. The technical step most lay executors outsource.

Need help with an Estate Late account? Call 087 001 0733 or start online. Free 10-minute call to confirm which bank suits your estate.

Last updated: 17 May 2026. Bank fees and processes accurate at time of writing. Confirm with the specific bank before applying.