beneficiaries
Your financial planner will be able to prepare an estate plan for you so that you have a full understanding of the costs to your estate in the event of your passing. In doing so, they will take into account
Children under 18 cannot inherit lump sum payouts or other assets directly, as they lack the legal capacity to manage such assets. Therefore, if you intend to name a minor child as a beneficiary of a life insurance policy or
Where bonded fixed property is bequeathed to your children, they may be required to register a bond over the property in their own name and, if they do not qualify for a bond, they may be forced to sell the
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
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’.
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
Burying your head in the sand and hoping for the best is not a retirement funding strategy. If you’ve never had a retirement plan prepared and you don’t know whether you are putting away enough for retirement, this will undoubtedly
In the context of one’s estate plan, note that once the trustees have made their determination, the proceeds will be paid directly to the beneficiaries and/or nominees and, as such, these assets fall outside of the deceased estate and are
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
Future dependants would include those people whom the deceased member did not financially maintain or support at the time of his death but who would have been maintained if he was still alive. Future dependants could therefore include unborn children
