Sue Torr
Probate is a procedure whereby your South African-drafted Will is approved by the foreign legal authority as valid so that your foreign assets can be administered in that jurisdiction. It involves obtaining the necessary court authority in the foreign country
Once your financial emigration has been finalised, your South African bank account will be re-assigned for exchange control purposes as an emigrant’s capital account and will be subject to South African exchange control rules. The proceeds of the sale of
It’s been a rough year for everyone and it’s easy to convince yourself that you need spoiling. The reality, however, is that most South Africans are Covid-fatigued but now is not the time to make rash, emotional purchases in an
A revocation clause is a paragraph inserted in your Will which revokes all other Wills that you have ever drafted and declares the current Will to be your Last Will and Testament. Although a testator is not legally required to
For freelance workers who have multiple jobs or contracts in place, managing the various income streams can be complex especially where payment is erratic, or where companies make short or late payments. Freelance workers may find themselves overloaded with admin
Once you and employer have come to agreement on your severance benefit, keep in mind that the Income Tax Act allows more favourable tax treatment of these benefits. The first R500 000 of your severance pay, being a combination of
Interests rates are currently very low which could give you a false sense of security when it comes to repaying your home loan, car or credit card. However, interest rates are not likely to stay low this way indefinitely so
If you own assets in a foreign civil law jurisdiction, it is important to understand whether you will be affected by mandatory succession rights in respect of your estate planning. Forced heirship can complicate inheritance especially where you have assets
From a tax perspective, while the contributions paid towards your income protection policy are no longer a tax-deductible expense, the income paid from your policy should you qualify for a claim are free from tax.
As much as your financial plan should focus on building wealth, it also needs to include an estate plan that makes provision for the distribution of your wealth should you die, keeping in mind that tragedy can strike at any
