deceased estate
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
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.
Life insurance policies can be used to create liquidity in your estate and to make financial provision for your spouse and/or beneficiaries. However, as with other estate planning tools, it is essential to correctly structure your policy so that it
Where the sole surviving guardian of a minor child passes away without having nominated a guardian in terms of their will, the responsibility falls on the State to appoint a legal guardian for the child/children, which is not an ideal
It is important to keep in mind that any funds invested in an approved retirement fund (such as your pension fund and retirement annuities) are subject to the limitations set out in Regulation 28 of the Pension Funds Act which
If immovable property in your estate is transferred to an heir – whether by testate or intestate succession - your estate will be required to pay the transfer costs, being the attorney’s conveyancing fees, in accordance with a sliding scale
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,
A civil marriage in terms of the Marriage Act of 1961 can only be entered into between a man and a woman and is the most common form of marriage in South Africa. When entering into a civil marriage, in
If the primary residence is owned by the first-dying spouse, the surviving spouse may find herself without accommodation if the deceased bequeaths the property to a third party. Joint financial planning is very difficult where a couple is married without
Another legal requirement for the validity of your will is that you must sign in full at the bottom of each page, while your witnesses must sign in full at the bottom of the last page as close to your
