deemed property
While the proceeds of domestic life insurance policies are deemed property in a deceased estate, buy and sell cover is a notable exception. This insurance is taken out by business owners on each other’s lives so that, if one shareholder
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 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
Any assets held in trust – whether inter vivos or mortis causa – do not fall into the estate of the deceased and do not attract estate duty. As such, trusts can make excellent estate planning tools, especially to house
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.
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
In the context of the Act, property is a broad term that includes movable and immoveable property, corporeal and incorporeal property, and personal rights such as servitudes over a property. It also includes deemed property such as the proceeds of
If you have a Will, it is likely that the Latin term per stirpes appears in your Will. Per stirpes is a legal stipulation which requires that if one of your beneficiaries dies before you, her share of the inheritance
Unlike retirement funds whose distributions are subject to Section 37C of the Pension Funds Act, member owned living annuities are free to nominate beneficiaries to their investment. In this regard, living annuities differ from guaranteed life annuities which, generally speaking,
Where a domestic life policy is registered under an ante-nuptial or post-nuptial contract where the spouse and/or child are the nominated beneficiaries, the proceeds of such a policy do not form part of the deceased’s dutiable estate.
