If leaving a financial legacy for your loved ones is important to you, you may favour the idea of a living annuity as opposed to a life annuity....
Paying more than the minimum required amount on your credit card and making payments before the due date can significantly reduce the interest paid over time. By doing so, you’ll pay off your balance faster and save money in the
One of the greatest disadvantages of this marital regime is that the couple remains jointly liable for each other’s debt, including debt incurred before the marriage. In a community of property marriage, one spouse has the capacity to bind the
From a cost perspective, where fixed property is transferred to another person by way of inheritance – whether testate or intestate - no transfer duty is payable, and Sars will issue a transfer duty exemption certificate upon application by the
The mechanics of a pyramid scheme hinge on two primary elements: (a) an upfront entry fee or initial payment promising substantial returns in a short time frame, and (b) the necessity to recruit new members. Participants typically ascend through various
We all know that delayed gratification is the foundation of wealth building: forgoing the immediate pleasure of spending in order to put money aside for the future. However, practice is different to theory and it’s not always feasible (nor enjoyable)
While the law allows you to appoint a family member or friend as your executor, the final decision rests with the Master of the High Court. If the Master deems your chosen executor insufficiently qualified, they may require professional assistance
Purchasing a sectional title unit also grants you full ownership, with the property registered in your name through the Deeds Office. Like freehold properties, you’ll be responsible for bond costs, transfer duties, and conveyancing fees.
Depending on the rules of the medical scheme, you may be required to move off your parents’ medical aid. If this is the case, do not allow your membership to lapse and ensure a smooth transition onto your own medical
Life cover can serve multiple purposes, such as securing your home loan, providing capital for a family member upon your passing, supporting the income needs of your spouse and children, settling unsecured debts within your estate, or ensuring liquidity so
While putting money away for your child’s education is important, do not neglect your retirement funding. Without adequate retirement funding in place, you could become a financial burden on your child later in life which should be avoided at all
A Living Will, also known as an advance directive, is a document that outlines a person’s wishes regarding medical treatment in situations where they can no longer communicate for themselves. It allows individuals to refuse certain life-sustaining interventions if there
The child’s guardian has the ability to claim funds from the Guardian’s Fund to cover essential expenses such as school and university fees, clothing, medical aid premiums, food, and maintenance costs. However, these claims are capped at R250,000 from the
