Investments are taxed in different ways depending on the nature of the investment vehicle, so it is important to understand what tax you will be liable for if and when you make a withdrawal from the investment.

To avoid any doubt or confusion as to who the testator is, make sure that your will includes your full name and ID number. Many families make use of family names that get past through generations resulting in multiple members of the same family bearing the same first name, middle name, and surname, so be sure to clearly identify yourself.

In the context of one’s estate plan, note that once the trustees have made their determination, the proceeds will be paid directly to the beneficiaries and/or nominees and, as such, these assets fall outside of the deceased estate and are excluded from the estate duty calculations and executor’s fees.