deceased estate
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
While the law allows you to appoint a family member or friend as your executor, the final decision rests with the Master of the High Court. If the Master deems your chosen executor insufficiently qualified, they may require professional assistance
If you are declared insolvent, Section 37B of the Pension Funds Act provides that the funds in your retirement annuity are protected from your creditors, although this does not mean that your RA funds enjoy complete protection from creditors.
Your financial planner will be able to prepare an estate plan for you so that you have a full understanding of the costs to your estate in the event of your passing. In doing so, they will take into account
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
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
Where bonded fixed property is bequeathed to your children, they may be required to register a bond over the property in their own name and, if they do not qualify for a bond, they may be forced to sell the
To formalise his/her appointment, the executor must apply to the Master’s Office for what is referred to as letters of executorship which will only be issued if the Master is satisfied that the will is valid and that the nominated
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
While corporeal property refers to physical, tangible property such as a vehicle or a home, incorporeal property includes non-tangible rights such as servitudes and leaves over immoveable property.
