The acquisition of foreign assets subsequent to drafting your will may necessitate a review of your will, although this would depend on the nature of the asset and the jurisdiction in which it is held. Generally speaking, a foreign will is almost always advisable if you own immovable property overseas and/or if you own direct shares in an overseas company.

The proceeds of business assurance policies are not considered deemed property in a deceased estate and therefore provide an exception to the general rule when it comes to calculating the dutiable estate. To qualify for an exemption, the buy-and-sell insurance must be taken out by a person who is a co-owner of a business with the deceased at the time of their death

As an aside, it is important to note that this type of trust can only be set up for the benefit of a disabled person and no one else’s benefit. Where there are two or more beneficiaries to your trust, all must meet the qualifying criteria for disability and must be related to each other within the third degree of consanguinity.