Wills and Estate Planning
Your accrual contract continues to apply after the death of the first dying spouse, at which point the accrual will come into account. The executor of the first dying spouse’s deceased estate will need to calculate the increase in the
From 1 March last year, provident funds are subject to the same rules at retirement as pension funds and retirement annuities, except whereas a provident fund member you were age 55 or older at that date and you remain a
In the context of the Act, property is a broad term that includes movable and immoveable property, corporeal and incorporeal property, and personal rights such as servitudes over a property. It also includes deemed property such as the proceeds of
If you have a foreign Will in place to deal with assets held in a foreign jurisdiction, this can also result in the winding up of your estate. Applying for foreign probate, especially in civil law jurisdictions or where language
Disability insurance is one of the most complex when it comes to the long-term insurance industry, so ideally seek the advice of an independent advisor when it comes to analysing your income protector. Understanding the nuances of your cover and
For income tax purposes, your worldwide income will be subject to income tax in South Africa. Remember, with effect from 2016, your executor will be required to file a pre-date of death assessment as well as a post-date of death
If there are specific assets in your estate that you intend bequeathing to your minor children, it is important that you provide for this carefully in your Will. Remember, in terms of our law, children under the age of 18
The type of trust you intend to register will hinge on the estate planning objectives that you hope your trust will achieve. For instance, a family trust can be used to house and protect property or assets intended for future
Determining what you could realistically expect in terms of divorce settlement means understanding what assets your spouse has. In a particularly acrimonious divorce, a spouse could attempt to hide assets in a living trust or move assets offshore in the
While trustees are able to outsource the accounting functions of the trust, keep in mind that they remain responsible for the management of the trust assets. This includes keeping separate records of the trust assets, preparing annual financial statements, investing
