J243 — Inventory of Estate Assets

The J243 is the "Inventory" form for deceased estates in South Africa. The executor must complete this form to list all assets belonging to the deceased at the time of death, grouped into categories: immovable property (land and buildings), movable property (vehicles, furniture, valuables), financial assets (bank accounts, investments, policies), and amounts owed to the estate. The J243 is a legal document submitted to the Master of the High Court.

The appointed executor of the deceased estate must complete and submit the J243. It must be completed truthfully and to the best of the executor's knowledge. If the executor discovers additional assets after submitting the J243, a supplementary inventory must be submitted. Deliberately omitting assets is a criminal offence.

Section 27 of the Administration of Estates Act requires the executor to submit the J243 inventory to the Master "as soon as possible" after letters of executorship are issued — in practice typically within 30 days. For small estates (≤ R250,000) administered under Section 18(3), an inventory may still be required by the Master — check with the relevant Master's office.

All assets owned by the deceased must be listed, including: immovable property (stands, farms, residential and commercial properties — list each separately with the property description and estimated value); movable property (motor vehicles, furniture, jewellery, art, livestock, equipment); financial assets (bank account balances, fixed deposits, unit trusts, shares, life insurance policies, pension fund benefits); and debtors (amounts owed to the estate by third parties).

If the deceased was married in community of property, only half of the joint estate is included in the deceased estate (the other half belongs to the surviving spouse). If married out of community of property (ANC), include only the assets registered in the deceased's name. Always seek legal advice if the ownership of specific assets is unclear, especially for assets held jointly or in trusts.

Use fair market value — the price a willing buyer would pay a willing seller on the date of death. Immovable property: use the municipal valuation as a minimum, or a formal valuation by a registered valuer. Motor vehicles: use a Mead & McGrouther (MMCode) trade value. Investments and bank accounts: use the balance on the date of death from statements. Insurance policies: use the surrender value or death benefit. For jewellery and art, a professional valuation may be needed.

If you discover an asset after submitting the J243, you must submit a supplementary J243 to the Master. Do not ignore omitted assets — undisclosed assets can complicate the liquidation and distribution account, delay finalisation of the estate, and expose you to personal liability as executor. Assets discovered after distribution has already occurred require the Master's guidance on how to proceed.

The J243 has repeating rows for each asset category — FillMeIn's fill-online tool lets you add as many rows as needed for each category (immovable property, movable property, financial assets, debtors) using the "Add property/item" buttons. Each row captures the description and value. The form is multi-page, and FillMeIn handles all pages in a single session, generating a complete PDF ready to submit to the Master.

No. The J243 Inventory is a list of assets at the date of death — it is submitted early in the estate administration process. The Liquidation and Distribution (L&D) account is the final accounting document prepared at the end of the process, showing how all assets were realised, all debts and administration costs paid, and how the balance was distributed to the heirs. Both documents are required for formal estates.