accrual system
To ensure that your creditors are notified of your intention to amend your marriage contract, you will be required to publish a notice to creditors in two local newspapers (one English and one Afrikaans) as well as in a government
The proceeds of business assurance policies are not considered deemed property in a deceased estate and therefore provide an exception to the general rule when it comes to calculating the dutiable estate. To qualify for an exemption, the buy-and-sell insurance
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
Any assets held in trust – whether inter vivos or mortis causa – do not fall into the estate of the deceased and do not attract estate duty. As such, trusts can make excellent estate planning tools, especially to house
Where the sole surviving guardian of a minor child passes away without having nominated a guardian in terms of their will, the responsibility falls on the State to appoint a legal guardian for the child/children, which is not an ideal
In a community of property marriage, all debt incurred by the spouses before and during the marriage forms part of the common estate, including maintenance obligations to a previous spouse or children from a previous relationship.
Be sure that you are adequately protected against the risk of ill health or disability by putting appropriate disability and dread disease cover in place. If you enjoy group risk cover through your employment, be sure to understand what life
Take intentional steps to ensure that you have your own financial profile independent from your spouse’s. To achieve this, ensure that you have a well-managed bank account in your own name and at least one credit facility in your name,
If immovable property in your estate is transferred to an heir – whether by testate or intestate succession - your estate will be required to pay the transfer costs, being the attorney’s conveyancing fees, in accordance with a sliding scale
The general principle of the accrual system is that each spouse is entitled to take out the asset value that he/she brought into the marriage, and whatever is built together during the subsistence of the marriage is shared equally. So,
