Deceased estates and estate duty
When attending to the administration of an estate, estate duty is required to be calculated, and if estate duty is applicable same needs to be paid to SARS upon receipt of the final assessment from SARS or within one year of the date of death of the deceased. Estate duty is calculated by taking the […]
The basic principles of discretionary trusts
A common misconception is that a Trust structure is a tool for only the wealthiest members of society. The Trust is a vehicle which can be used to acquire and preserve growth assets, and to transfer the benefit of wealth as a legacy for the benefit of current and future generations. The Trust structure is […]
Should I put my trust (and assets) in a trust?
The core idea of a trust is the separation of ownership (or control) from enjoyment. A trust is, by definition, a legal entity in which a person known as a trustee holds or administers moveable or immovable property separately from their own, for the benefit of another person or persons (known as beneficiaries) or for […]
The risks of dying without a will (or a valid one at that)
The truth of the matter is the following: Not having a will (or a valid one) at the time of your passing will, in all likelihood, have very little impact on you personally (for the obvious reasons). With that said, it’s your loved ones (and their loved ones) who will feel the effect. The consequences […]
Are you thinking of creating a will? Here is a quick read on some of the common wills.
A will is a binding legal document that an individual uses to direct how their estate is to be distributed upon death or set forth their wishes when one is unable to express informed consent. There are multiple types of will’s that one has the option to choose from, such as simple wills, joint wills, […]
Have you lost or destroyed your Title Deed? Here’s what all property owners should know
A title deed serves as proof of your legal ownership over a property. When one wants to transfer a property, this document is of utmost importance.Regulation 68 of the Deeds Registries Act 47 of 1937 sets out the process to follow where one has lost or destroyed a title deed or mortgage bond. The regulation […]
Why it’s essential you nominate an executor of your estate
When drafting your Last Will and Testament you will have to decide who to nominate as executor of your estate. Your executor’s responsibilities It is your executor’s responsibility to wind up your estate which includes reporting the estate to the Master of the High Court, obtaining letters of executorship, closing your bank accounts, paying creditors, […]
Protect your family with a properly executed Will
A question that is often asked of attorneys is: “Why do I need a Will?” The answer is simple. Without a Will, the winding up of your Estate is likely to give your family more headaches than they would like to have when you die. A Will is a very important document as it ensures […]
Don’t delay the drafting of your will
It is something you are not able to rectify! Why must you have a will? By making a will you ensure that your assets are disposed of in accordance with your wishes after your death. This privilege is called “freedom of testation”. Why should an attorney draft your will? Attorneys are professionals qualified in law. […]
Trusts as financial and estate planning tool
Trusts can serve two important functions; that is to protect assets as well as create certain tax benefits. Some examples are the following: Firstly, in a case of insolvency, a beneficiary may enjoy protection against a creditor in a situation where an asset was transferred to a trust while the beneficiary was still solvent. It […]