estate planning
As an aside, it is important to note that this type of trust can only be set up for the benefit of a disabled person and no one else’s benefit. Where there are two or more beneficiaries to your trust,
A common problem faced by many executors is that of illiquidity, which is where an estate lacks sufficient liquid assets to cover its debt and other financial obligations. In such circumstances, the executor will look to assets in the estate
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
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
Avoid using your salary increase as a reason to live a more expensive lifestyle. While you may be tempted to buy a more expensive car or live a more lavish lifestyle, consider the lost opportunity costs of not investing the
When it comes to planning the distribution of your retirement benefits to your heirs and beneficiaries, it is important to keep in mind that funds housed in approved retirement funds do not fall into your estate. Rather, the distribution of
To safeguard the trust assets against the effects of inflation, it will be necessary for the trustees to assume some investment risk, and it is important that the trustees have a sound understanding of how investments work in order to
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
Generally speaking, it is the spouse or close family member of the patient who brings the application but, in circumstances where the applicant is not the next of kin, the application will need to include reasons as to why that
In order to bring an application for administrator, it must be proved that the mentally incapacitated person meets the criteria set out by the Mental Health Care Act in terms of diagnosis and medical evidence.
