estate planning
Where a minor child inherits money, the Master may direct that these funds are transferred to the Guardian’s Fund, following which an account will be opened in the name of the beneficiary. If the beneficiary has not yet been identified,
While identifying your heirs is important, it’s also important to nominate successive heirs to deal with the eventuality that one or more of your heirs predeceases you. If you are silent on what happens in such circumstances, your executor must
Something that many people tend to overlook is that all previous Wills should be both physically destroyed and revoked in writing as failing to do so can cause uncertainty for those left behind -especially if one or more of the
Make funding for your own retirement a priority and resist the temptation to dip into your own savings. Don’t leave free money on the table by failing to use tax-efficient retirement funding vehicles. Before helping others and to ensure that
If there is a Will, the Executor will use this document to determine how the assets will be distributed. In the absence of a Will, the assets will be distributed in accordance with the Intestate Succession Act.
When financing a property using a home loan, it is common for the financing institution to insist that you take out bond cover as security for the loan. While most financing institutions offer bond cover to their customers, it is
The real benefit of a living trust is that because trusts don’t die, assets housed in a trust can move from generation to generation without being subject to estate administration and the associated costs thereof.
Life insurance can play an important role in creating liquidity in your deceased estate and ensuring that the forced sale of assets after your death is avoided – keeping in mind that estate solvency is different from estate liquidity. While
Remember, the residue of your estate is what is left after all debts and estate costs have been paid, and after all, bequests have been made, so it is important to ensure that the inheritance intended for your heirs is
When contemplating a trust structure, do not lose sight of the fact that running a trust adds a layer of complexity and costs to your financial affairs. When setting up a family trust, keep in mind that you will be
