estate planning
As much as your financial plan should focus on building wealth, it also needs to include an estate plan that makes provision for the distribution of your wealth should you die, keeping in mind that tragedy can strike at any
There are a number of circumstances that can disqualify a potential heir. Firstly, any person who writes a Will, or any part thereof, on behalf of the testator can be disqualified from inheriting, as is the writer’s spouse. Similarly, the
Because each spouse is able to bind the joint estate through their actions, our law affords some protection by requiring spousal consent for certain transactions. For instance, your spouse’s consent would be needed if you want to sell a joint
Assets that you had intended to bequeath to your loved ones may need to be sold in order to pay off the debt in your estate which, besides for leaving your heirs in a financially precarious position, could have tax
A testator can make a special bequest in his Will if he wants to leave a particular asset to a beneficiary (legatee), bearing in mind that the beneficiary does not need to be related to him. After your executor has
Where married with the accrual system, each spouse is free to set up trusts, whether inter vivos or testamentary, in accordance with their needs and objectives. This means that a spouse is free to transfer assets owned by him into
Your heirs are those people who stand to inherit the residue of your estate, which is whatever assets are left after all your debts, the cost of administration, and any legacies or special bequests have been distributed. When drafting your
It is important to note that the beneficiary’s disability must be formally diagnosed by a medical practitioner, must have lasted for a period of more than 12 months, and must be considered irreversible in nature.
