Sue Torr
If the body corporate needs more money, they are further entitled to raise a special levy which can be used to cover the costs of necessary expenses which cannot wait until the next financial year.
When choosing a medical aid for your parents, give careful thought to their specific medical condition and their healthcare history, their financial position, the facilities that are close to them, and what cover would be most appropriate for their needs.
Beware of nominating multiple executors as the logistics of three or more people dealing with SARS and the Master’s Office can be an impossible task.
Special trusts are those which are created for people with special needs, for example individuals with serious mental or physical disability and who are unable to provide for themselves financially.
Friendships and relationships evolve over time, and it may be that some of the trustees you nominated no longer fit the bill when it comes to administering your assets in the best interests of your loved ones.
Despite the fact that you may have nominated a beneficiary (or beneficiaries) to your retirement fund, it remains the function of the trustees to allocate and apportion these funds.
In the absence of a formal agreement between the two parties, the couple’s financial arrangements can be particularly complex in the event of death or a terminated relationship.
If the executor you have nominated in your Will has subsequently emigrated from the country, now is a good time to amend your Will and nominate someone who is locally based.
Now is a good time to check the beneficiary nomination on your policy as this can affect how, when and to whom the claim is paid out. If you have nominated your estate as the beneficiary on your policy, the
It’s in times like these that we realise the true value of having a second or passive income. Having an alternate source of income, regardless of how small, can help to mitigate the risk of income loss or reduction.
