FAQ's

A security bond is a formal guarantee issued to the Master of the High Court confirming that an appointed Executor, Curator, Liquidator, or Trustee will administer an estate in strict accordance with the Administration of Estates Act 66 of 1965, meaning Rodel Risk Solutions effectively “backs” the appointed party.

The requirement for a security bond is detailed in the Administration of Estates Act 66 of 1965, particularly in Section 23 (1) & (2), but the most common reasons are:

• There is no valid will or the deceased died without a will (referred to as an intestate estate)
• There is no exemption clause in the will
• The executor can no longer take up the appointment or doesn’t want the appointment
• The executor resides outside of South Africa
• The Master believes the minor’s inheritance needs to be protected

Section 23 (2) of the Administration of Estates Act 66 of 1965 reinforces the Master’s discretionary authority, so even where an executor would ordinarily be exempt, the Master may require a security bond.

The rate is set by the Master of the High Court and is dependent on the type of security bond needed:

• Executors and Liquidators – 0.5% of estate value
• Curators, Trustees & Administrators – 0.6% of the estate value

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Section 23 (2) of the Administration of Estates Act 66 of 1965 reinforces the Master’s discretionary authority, so even where an executor would ordinarily be exempt, the Master may require a security bond.