beneficiary nomination
To qualify for estate duty exemption on a buy-and-sell policy, the policy must be taken out by a co-owner of the business with the deceased and be specifically intended to purchase the deceased shareholder’s business interest.
With a properly structured business assurance agreement, the proceeds from such a policy are exempt from estate duty in your estate. Unlike other assets, business assurance policy proceeds are not considered part of the deceased estate's deemed property, offering a
A trust can be useful for securing assets such as a family farm or holiday home for future generations, safeguarding against potential alienation or sale. In such circumstances, the trust serves as a valuable succession planning tool by ensuring that
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
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
Another important factor when it comes to planning for complex family structures is the issue of retirement fund beneficiary nomination. In the case of retirement funds, bear in mind that your beneficiary nomination is merely a guide to the fund
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
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
If the member had no financial dependants at the time of death but had made beneficiary nominations, the trustees must first determine whether the member’s deceased estate is solvent. If not, then the death benefit – or a portion thereof
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.
