Estate planning
In the event of your death, the funds held in your retirement annuity, that have met the criteria to qualify as a deduction against your taxable income, do not form part of your deceased estate and are not included when
The way in which your trust will be taxed depends on several key factors, including the type of trust you establish, whether it qualifies as a special trust Type A or B, how the trust deed is drafted, and how
To qualify for estate duty exemption on a buy-and-sell policy, the policy must be taken out by a co-owner of the business with the deceased and be specifically intended to purchase the deceased shareholder’s business interest.
The cornerstone of any succession plan is a valid and carefully structured Will. Your Will should never be drafted in isolation but must align with your broader estate and financial planning strategy. Factors such as your matrimonial property regime, legal
A Type A trust is designed to provide financial security for a person with a severe mental or physical disability who is unable to support themselves financially. It can be either an inter vivos trust that is set up during
If the executor named in your will has since emigrated, it may be wise to update your will and appoint someone based locally. This ensures a smoother estate administration process, avoiding delays and unnecessary financial burdens on your beneficiaries.
The Wills Act prescribes strict requirements for a valid Will, and any deviation may render it invalid. Importantly, your two witnesses must be competent and must sign in full at the bottom of each page.
Many retirees choose to hold on to the family home for sentimental reasons, even after their adult children have established their own households. However, if your long-term plan is to downscale to a more manageable property, it is worth considering
One of the greatest disadvantages of this marital regime is that the couple remains jointly liable for each other’s debt, including debt incurred before the marriage. In a community of property marriage, one spouse has the capacity to bind the
From a cost perspective, where fixed property is transferred to another person by way of inheritance – whether testate or intestate - no transfer duty is payable, and Sars will issue a transfer duty exemption certificate upon application by the
