beneficiary nomination
A recent court ruling has found that capital held in a living annuity does not form part of the estate for the purposes of dividing assets on divorce. However, the future annuity stream can be used in determining the maintenance
Executor’s fees are regulated by statute and are set at a maximum of 3.5% (plus VAT) on the value of the gross assets in your estate plus 6% of income accrued and collected after your death. However, in many instances,
Depending on the terms of the divorce order, you may need to move off your ex-spouse’s medical aid and register as the principal member of your own medical aid. This may be a good time to completely reassess your healthcare
If there have been changes to your smoker status since the inception of the policy, be sure to find out what your insurer’s requirements are in this regard as there may be an obligation on you to notify them, particularly
Further, it is important to bear in mind that, while a member’s beneficiary nominations are taken into account by the trustees of the fund, it is the trustees who make the ultimate decision regarding distribution of the death benefits.
As draw-downs from a living annuity are limited to between 2.5% and 17.5% of the value of the investment per year, many investors use the one-third withdrawal option strategically to ensure that they don’t run into cashflow problems later in
The real benefit of a living trust is that because trusts don’t die, assets housed in a trust can move from generation to generation without being subject to estate administration and the associated costs thereof.
The type of policy you have in place, together with the applicable regulations, will impact both your beneficiary nomination and the policy's payout, so it is important to understand the nature of each policy you have in place.
In terms of the Estate Duty Act, the estate of any person consists of all the property and deemed property of the deceased, including property both in and outside of South Africa - except in the case of a non-resident
