beneficiaries
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
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
If you own shares in a business or are the owner of key person cover, note that the proceeds of business assurance policies are exempt from estate dutiable provided that the policy is correctly structured.
Life insurance policies can be used to create liquidity in your estate and to make financial provision for your spouse and/or beneficiaries. However, as with other estate planning tools, it is essential to correctly structure your policy so that it
When it comes to planning the distribution of your retirement benefits to your heirs and beneficiaries, it is important to keep in mind that funds housed in approved retirement funds do not fall into your estate. Rather, the distribution of
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
If the Will is found to be invalid, then the deceased’s estate must be wound up in terms of the laws of intestate succession. In such an instance, the Master will appoint an Executor Dative to the deceased estate.
In many situations, adult children find out about their parent’s funding shortfall at a time when they are financing their own children’s tertiary education – notwithstanding their need to fund for their own retirement – placing them in an unenviable
A significant advantage of a life annuity is that the policyholder is guaranteed an income for the rest of her life and will therefore never run out of money, regardless of what happens to investment markets or how long she
Once you make contact with the executor, be prepared for a preliminary meeting with her as she will be required to prepare a rudimentary list of your spouse’s assets and liabilities for submission to the Master, which must be accompanied
