Wills and Estate Planning
Once the assets are transferred into the trust, they no longer belong to the trust founder and the trustees are required to take over full control of the assets and to ensure that they are managed to achieve best outcomes
A very effective option for the administration of your spouse’s financial affairs is to set up a Special Trust Type A which is a trust created solely for the benefit of a person with mental or physical disability and which
The matrimonial property regime under which a person is married will naturally impact on the estate duty calculation. Where a couple is married in community of property there is only one estate. This means that should one spouse die, the
Being legally married in South Africa creates what is referred to as a reciprocal duty of support which means that each spouse owes to the other a reciprocal duty to provide for the other which can include accommodation, clothing, food,
It is up to the shareholders to decide what type of events would trigger a sale of shares. Generally speaking, buy & sell cover is taken out in the event of the death or disability of a shareholder. However, depending
A family trust is generally set up as a living trust to house and protect assets for the benefit of family members across multiple generations. As such, the trustees of family trusts are family members, as are the beneficiaries. It
If you have minor children and are the first-dying parent, the surviving parent will be the legal guardian to your children. In the absence of a living guardian, the Master will appoint a guardian for your children after taking into
The capital in your living annuity may not be attached by means of a court order should you be declared insolvent. However, any income drawn from your living annuity does not enjoy the same protection and may be attached by
The assets in the estate may only be distributed amongst the beneficiaries once all the estate’s debt has been settled, including SARS. As such, the executor is required to advertise the deceased estate so that any creditors can register their
If you’ve received a donation or a gift from someone, note that there are no tax consequences for you as the donee. However, as SARS requires you to declare all taxable and non-taxable income, you will need to declare it
