beneficiary
From a cost perspective, where fixed property is transferred to another person by way of inheritance – whether testate or intestate - no transfer duty is payable, and Sars will issue a transfer duty exemption certificate upon application by the
In the absence of an estate plan, problems could arise in the deceased’s estate if there are insufficient liquid assets to honour the deceased’s bequests. In order to pay the bequests, the executor may need to realise assets in the
Unlike a child’s natural guardian, a guardian appointed by the court can choose whether to accept the position or not. However, in assuming the office of guardian they do not have a legal duty to support the child but rather
Where beneficiaries have been nominated on the investment, funds housed in a living annuity do not form part of your deceased estate and can be efficiently transferred to your loved ones in the event of your death.
The death of the first-dying spouse is regarded as a disposal for capital gains tax purposes. Where the first-dying spouse bequeaths his/her share of the joint estate to the surviving spouse, the surviving spouse is treated as having obtained the
While alter-ego trusts may be valid, ‘sham’ trusts fail to meet the requirements for validity in that they are essentially fake trusts designed to deceive others. As such, the test for determining whether a trust is a sham one is
From an estate planning perspective, there are several mechanisms available to reduce estate duty liabilities and, in turn, maximise the inheritance for your loved ones.
A per stirpes clause, or by representation clause, is a legal stipulation included in a will that requires that if a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to his/her heirs.
To avoid any doubt or confusion as to who the testator is, make sure that your will includes your full name and ID number. Many families make use of family names that get past through generations resulting in multiple members
When drafting your will, it is important to understand the difference between your heirs and legatees. If you name a person in your will who would not otherwise inherit in terms of intestate succession, that person is known as a
