Wills and Estate Planning
Bewind trusts are created as trading vehicles and provide trustees with limited liability as well as certain tax benefits for beneficiaries. In a bewind trust, the trust founder sets up the trust in such a way that the assets and
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.
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
Life policies are used frequently as estate planning tools to ensure that one’s beneficiaries have access to funds in the immediate aftermath of one’s passing. However, in terms of our law, keep in mind that children under the age of
