Professional advice is invaluable in ensuring compliance with South African law, notably around clauses such as the appointment of an executor, guardian nominations, and the establishment of testamentary trusts.
One key advantage of purchasing a living annuity with your retirement capital is that it is not subject to Regulation 28, allowing for more aggressive investment strategies, including 100% offshore exposure via Rand-denominated feeder funds. Direct offshore investing is not permitted within a living annuity.
Purchasing a living annuity signifies the shift from accumulating retirement savings to withdrawing income. This critical decision requires careful consideration, ideally with guidance from an independent retirement expert. This article addresses common client questions about living annuities, helping you make informed choices to secure your financial future during retirement. Who can buy a living annuity?…
A Type A trust is designed to provide financial security for a person with a severe mental or physical disability who is unable to support themselves financially. It can be either an inter vivos trust that is set up during the founder’s lifetime, or a testamentary trust that is created upon the founder’s death through their Will.
The Wills Act prescribes strict requirements for a valid Will, and any deviation may render it invalid. Importantly, your two witnesses must be competent and must sign in full at the bottom of each page.
Many retirees choose to hold on to the family home for sentimental reasons, even after their adult children have established their own households. However, if your long-term plan is to downscale to a more manageable property, it is worth considering doing so sooner rather than later.
Paying more than the minimum required amount on your credit card and making payments before the due date can significantly reduce the interest paid over time. By doing so, you’ll pay off your balance faster and save money in the long run.
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 transferring attorneys.
A Living Will, also known as an advance directive, is a document that outlines a person’s wishes regarding medical treatment in situations where they can no longer communicate for themselves. It allows individuals to refuse certain life-sustaining interventions if there is no hope of recovery. By setting clear instructions, a Living Will ensures that their preferences are respected and relieves loved ones of the burden of making difficult decisions in critical circumstances. Understanding this document is essential for personal and family peace of mind.
The child’s guardian has the ability to claim funds from the Guardian’s Fund to cover essential expenses such as school and university fees, clothing, medical aid premiums, food, and maintenance costs. However, these claims are capped at R250,000 from the invested capital, plus any accrued interest, and must be substantiated and approved by the Master of the High Court.