Estate planning
A significant advantage of a living trust is that it allows you to peg the value of assets in your personal estate while enabling the growth on those assets to take place in the trust. This can reduce your estate
Professional advice is invaluable in ensuring compliance with South African law, notably around clauses such as the appointment of an executor, guardian nominations, and the establishment of testamentary trusts.
Overly complex Wills, especially in the case of blended families and previous spouses, can result in delays in the administration process where disputes arise due to unclear wording or clauses that can be interpreted in different ways. Any legal challenge
The owner of a living annuity, referred to as the annuitant, can nominate one or more beneficiaries – whether individuals, trusts or even charities – to receive the remaining value of their living annuity in the event of their death.
If you and your minor child’s other parent have parental responsibilities and rights, you are considered by law to be the child’s natural guardians which include a legal duty to support the child. This is because the duties of a
In terms of the doctrine of ademption, specific bequests lapse when the asset no longer exists. This can happen when the testator sells, gives away or otherwise disposes of an item before they die. Unless the will provides for substitution
Many parents—especially those with multiple children—struggle to determine how best to distribute an inheritance. In this regard, it’s helpful to consider the difference between equal and equitable.
It’s important to remember that your tax obligations do not end at death. One of the executor’s primary responsibilities is to settle any outstanding tax obligations with SARS, including unresolved returns from previous tax years. For income tax purposes, a
As the trust founder, you will be required to relinquish control of your assets into the care of your nominated trustees and, in doing so, you will want to ensure that you have full trust in the person (or people)
