Wills and Estate Planning
In terms of the Income Tax Act, death is considered a capital gains event and the deceased person is deemed to have disposed of his assets for an amount equal to the market value of the assets at the date
The L&D account must then be advertised in the local newspaper and government gazette in terms of Section 35 of the Act. The provides an opportunity for any interested parties to lodge objections with the Master. If no objections are
Where a special power of attorney has been granted, this mandate normally terminates automatically after the agent has performed the specific juristic act that he has been authorised to carry out. However, while the principal to a power of attorney
With July being National Savings Month, now is a good time to review your various savings accounts. If you’re contributing towards a tax-free savings account, check your contributions and make sure that they fall within the annual limit of R36
If a couple is married in community of property, both spouses remain jointly and severally liable for all the debt in estate, including any debt that was incurred before the date of marriage. Upon the death of the first-dying spouse,
While many people tend to use the term Living Will and Advance Healthcare Directive interchangeably, there is a fundamental difference between the two documents. Whereas a Living Will is essentially an instruction to withhold or withdraw life-sustaining medical treatment where
If you know your workplace value, be sure to negotiate a market-related salary. Remember, many of your employment benefits – including your pension fund contribution, group life cover, income protection benefits and bonuses – are linked to your income, so
If you’ve acquired any foreign assets since drafting your Will, this may necessitate a review of your Will. Depending on the nature and jurisdiction of the foreign assets, it may be necessary to have a foreign Will drafted. In such
Living annuities make excellent estate planning tools because the policyholder is free to nominate his beneficiaries with the surety that, upon his death, the proceeds will devolve on them. In the event of the policyholder’s death, the proceeds of the
Once you have a living annuity in place, you are permitted to make additional contributions towards your investment provided that the funds are from an approved retirement fund. For instance, if you later decide to retire from a retirement annuity,
