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 ensure that they are managed to achieve the best outcomes
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.
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
The acquisition of foreign assets subsequent to drafting your will may necessitate a review of your will, although this would depend on the nature of the asset and the jurisdiction in which it is held. Generally speaking, a foreign will
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,
A common problem faced by many executors is that of illiquidity, which is where an estate lacks sufficient liquid assets to cover its debt and other financial obligations. In such circumstances, the executor will look to assets in the estate
When drafting your will, it is important to understand the difference between your heirs and legatees. If you name a person in your will who would not otherwise inherit in terms of intestate succession, that person is known as a
