beneficiaries
Cashflow and liquidity are also important considerations when setting up an RA, keeping in mind that the funds housed in a retirement annuity may not be accessed before you reach age 55 – subject to a few exceptions. There is,
A family trust is generally set up as a living trust to house and protect assets for the benefit of family members across multiple generations. As such, the trustees of family trusts are family members, as are the beneficiaries. It
The capital in your living annuity may not be attached by means of a court order should you be declared insolvent. However, any income drawn from your living annuity does not enjoy the same protection and may be attached by
The assets in the estate may only be distributed amongst the beneficiaries once all the estate’s debt has been settled, including SARS. As such, the executor is required to advertise the deceased estate so that any creditors can register their
Because each spouse is able to bind the joint estate through their actions, our law affords some protection by requiring spousal consent for certain transactions. For instance, your spouse’s consent would be needed if you want to sell a joint
A testator can make a special bequest in his Will if he wants to leave a particular asset to a beneficiary (legatee), bearing in mind that the beneficiary does not need to be related to him. After your executor has
In terms of Section 37C, if the deceased has no financial dependants and his estate is solvent, the trustees must pay the nominees in the proportions in which they were nominated but only after a period of up to 12
If your ex-spouse has maintenance obligations towards your children, it is advisable to protect these payments by ensuring that the maintenance payer has sufficient life cover and that your minor children are named as beneficiaries.
In respect of a unit trust RA, you can stop contributing to your investment at any time without any fees or penalties. As there is no recoupment period as in the case of insurance RAs, you will not be penalised
