Estate planning
A trust can also be used strategically to safeguard your personal assets from the potential risks associated with business activities and/or insolvency. By setting up a living trust, you can transfer specific assets into the trust with the primary focus
As a word of caution, if your will is found to be invalid, for whatever reason, no testamentary trust can be formed which can result in your beneficiaries being financially prejudiced.
While alter-ego trusts may be valid, ‘sham’ trusts fail to meet the requirements for validity in that they are essentially fake trusts designed to deceive others. As such, the test for determining whether a trust is a sham one is
From an estate planning perspective, there are several mechanisms available to reduce estate duty liabilities and, in turn, maximise the inheritance for your loved ones.
A per stirpes clause, or by representation clause, is a legal stipulation included in a will that requires that if a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to his/her heirs.
For those who find themselves caring for parents who have been diagnosed with dementia or Alzheimer’s disease, this anomaly can be an incredibly frustrating one as they generally face a situation where they are unable to take control of their
To avoid any doubt or confusion as to who the testator is, make sure that your will includes your full name and ID number. Many families make use of family names that get past through generations resulting in multiple members
In the context of one’s estate plan, note that once the trustees have made their determination, the proceeds will be paid directly to the beneficiaries and/or nominees and, as such, these assets fall outside of the deceased estate and are
The proceeds of business assurance policies are not considered deemed property in a deceased estate and therefore provide an exception to the general rule when it comes to calculating the dutiable estate. To qualify for an exemption, the buy-and-sell insurance
As an aside, it is important to note that this type of trust can only be set up for the benefit of a disabled person and no one else’s benefit. Where there are two or more beneficiaries to your trust,
