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In the absence of an estate plan, problems could arise in the deceased’s estate if there are insufficient liquid assets to honour the deceased’s bequests. In order to pay the bequests, the executor may need to realise assets in the
From an estate planning perspective, there are several mechanisms available to reduce estate duty liabilities and, in turn, maximise the inheritance for your loved ones.
A per stirpes clause, or by representation clause, is a legal stipulation included in a will that requires that if a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to his/her heirs.
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
When drafting your will, it is important to understand the difference between your heirs and legatees. If you name a person in your will who would not otherwise inherit in terms of intestate succession, that person is known as a
Another legal requirement for the validity of your will is that you must sign in full at the bottom of each page, while your witnesses must sign in full at the bottom of the last page as close to your
In the absence of an estate plan, problems could arise in the deceased’s estate if there are insufficient liquid assets to honour the deceased’s bequests. In order to pay the bequests, the executor may need to realise assets in the
Something that many people tend to overlook is that all previous Wills should be both physically destroyed and revoked in writing as failing to do so can cause uncertainty for those left behind -especially if one or more of the
Remember, the residue of your estate is what is left after all debts and estate costs have been paid, and after all, bequests have been made, so it is important to ensure that the inheritance intended for your heirs is
If you have a foreign Will in place to deal with assets held in a foreign jurisdiction, this can also result in the winding up of your estate. Applying for foreign probate, especially in civil law jurisdictions or where language
