Estate planning
Depending on the nature of their retirement income, the death of the first spouse may impact their retirement income and it is important to understand what the surviving spouse would receive in terms of income going forward. It’s also important
Once finalised, the L&D Account is lodged with the Master where it is required to lie for 15 days to allow for queries. Anything pertaining to the L&D Account can be queried via a query sheet and the executor is
Our law recognises that the mental capacity of the patient may differ from day to day depending on the diagnosis and that the administrator’s function should be proportionate to the patient’s mental health status, keeping in mind that the patient’s
Unlike a child’s natural guardian, a guardian appointed by the court can choose whether to accept the position or not. However, in assuming the office of guardian they do not have a legal duty to support the child but rather
To formalise his/her appointment, the executor must apply to the Master’s Office for what is referred to as letters of executorship which will only be issued if the Master is satisfied that the will is valid and that the nominated
A curator bonis has limited powers of investment which can adversely affect the growth of assets in the estate. The nature of the job together with generally poor remuneration means it is difficult to find appropriate candidates to assume the
In December 2022, there were further stringent amendments made to the Trust Property Control Act, including a change in the trustees reporting and the introduction of a new definition of ‘beneficial owner’.
Where beneficiaries have been nominated on the investment, funds housed in a living annuity do not form part of your deceased estate and can be efficiently transferred to your loved ones in the event of your death.
The death of the first-dying spouse is regarded as a disposal for capital gains tax purposes. Where the first-dying spouse bequeaths his/her share of the joint estate to the surviving spouse, the surviving spouse is treated as having obtained the
Living annuities can play an important estate planning role if correctly structured. Where the annuitant nominates beneficiaries, any residual value remaining in the event of their death will be paid to the beneficiaries and, in doing so, will bypass the
