The Liquidation and Distribution Account Explained
OurPower - information only, not legal advice. Figures verified 15 August 2026.
What it is
The liquidation and distribution account, usually shortened to the L and D account, is the executor's full financial account of the estate to the Master. It shows every asset, every liability, every cost, and exactly who gets what and why.
It is the document the whole administration builds towards. Nothing is distributed until it has been lodged, examined by the Master, advertised, and left unopposed.
When it is due
Section 35(1) requires the executor to lodge the account after the last day of the period specified in the section 29 notice to creditors, and within six months of Letters of Executorship being granted, or such longer period as the Master may allow.
Extensions are routine and are applied for in writing. An estate with a property to sell, a business to value or a SARS assessment outstanding will often need one, and asking is far better than simply going quiet.
What is in it
- The liquidation account: all the assets at their values, and all the liabilities and administration costs set against them.
- The recapitulation statement: a summary reconciling what came in and what went out, so the Master can see the cash movement at a glance.
- The distribution account: what each heir and legatee receives, and on what basis, whether under the will or the Intestate Succession Act.
- The income and expenditure account: income the estate earned after the date of death, such as rent, interest or dividends, and what it cost to earn it. This is also the base for the executor's 6% income fee.
- The fiduciary assets account, where the deceased held a limited interest such as a usufruct.
- The estate duty addendum, which is the calculation of estate duty even where the answer is nil.
- Vouchers for everything. The Master examines the account against the supporting documents.
What the Master checks
- That the distribution follows the will or, where there is no will, the Intestate Succession Act, and that it is arithmetically correct.
- That the executor's remuneration does not exceed the prescribed tariff.
- That creditors have been dealt with properly and paid in the right order, before heirs.
- That the surviving spouse's half of a joint estate, or an accrual claim, has been taken out correctly before distribution.
- That a minor's inheritance is being dealt with lawfully, whether to a testamentary trust or to the Guardian's Fund.
- That the estate duty calculation is right and that SARS has been dealt with.
Queries are normal, not a sign of wrongdoing. Each round of queries adds weeks, which is why a carefully prepared first account is worth the extra effort.
Inspection and objections
Once the Master is satisfied, the account is advertised to lie open for inspection for at least 21 days, at the Master's office and, where the deceased lived in another district, at that district's magistrate's office.
Anyone with an interest can inspect it and lodge a written objection with the Master. The Master considers the objection, gives the executor a chance to respond, and rules. A party unhappy with the Master's ruling can take it to the High Court.
If no objection is lodged, the executor may distribute in accordance with the account.
If the estate cannot pay everyone
Where the estate's liabilities exceed its assets, it is insolvent, and section 34 applies. The executor cannot simply distribute a shortfall proportionally to heirs, and the estate is dealt with under the ranking rules that apply to insolvent estates.
Where the estate is solvent but cannot cover everything the will promised, that is a different problem: the legacies abate. Creditors and costs are paid, then legacies, then heirs take the residue. If the residue is exhausted, legacies are reduced proportionately. See /tools/deceased-estates/abatement-of-legacies-calculator
Frequently asked questions
Can I see the account as a beneficiary?
Yes. That is what the inspection period is for. You can inspect it at the Master's office or at the magistrate's office where it also lies, and you can ask the executor for a copy - most executors send one to beneficiaries as a matter of course.
How do I object to the account?
In writing to the Master, within the inspection period, stating what you object to and why. An objection has to be about something in the account being wrong, not about the will being unfair.
What if the executor misses the six-month deadline?
Ask the Master whether an extension was granted, since they routinely are. If the executor has simply gone quiet, the Master can call on them to lodge the account and, in a serious case, apply to have them removed under section 54.
Is there an interim distribution before the account is passed?
Sometimes, where the estate is clearly solvent and the executor is confident. It is at the executor's risk, and a cautious executor will decline until the creditors' period has closed at the very least.
How long after the account is passed do beneficiaries get paid?
Usually a few weeks for cash, once the inspection period closes with no objection. Immovable property takes longer because it runs through conveyancing and the Deeds Office.
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Related guides
This page is general information about South African law, not legal, tax or financial advice, and it does not create any professional relationship. Every estate is different and the outcome can turn on facts not covered here. Figures verified 15 August 2026 against the Administration of Estates Act 66 of 1965, the Estate Duty Act 45 of 1955, the Intestate Succession Act 81 of 1987, the Wills Act 7 of 1953, the Master of the High Court and SARS. Rates and thresholds change. Before you act on anything here, confirm it with the Master's office handling the estate or with an attorney.