beneficiaries
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
To determine the dutiable value of your estate, keep in mind that certain assets, such as bequests to your surviving spouse, bequests to PBOs, and the proceeds of life policies payable to your spouse, and business assurance polices, are excluded.
Unlike a life annuity (which is an insurance policy designed to provide a guaranteed income for life), a living annuity is an investment held in the investor’s name which is generally linked to an underlying investment on a LISP platform
If you have a large portion of your accumulated wealth invested in your business, then it is important to consider what will happen to your business interests in the event of your death. It is likely that you intend for
Key to the validity of a trust is that the trust founder relinquishes full control of the assets transferred to the trust. It must be clear that the trust founder hands over control of the assets to his nominated trustees
In theory, your bank accounts should be frozen in the event of your death. However, in practice, there is generally a delay between your death and the appointment of your executor whose job it is to notify your financial institutions
an alter-ego trust is valid in that it is the trust founder’s clear intention to form a trust, and all the requirements for the formation of a valid trust have been met. As such, in determining whether an alter-ego trust
Something that many people tend to overlook is that all previous Wills should be both physically destroyed and revoked in writing as failing to do so can cause uncertainty for those left behind -especially if one or more of the
An application for interim maintenance can be brought quickly and cost-effectively so as to provide a spouse with financial relief pending the finalisation of the divorce. The spouse bringing the application must provide proof that she does not have sufficient
If there is a Will, the Executor will use this document to determine how the assets will be distributed. In the absence of a Will, the assets will be distributed in accordance with the Intestate Succession Act.
