executor
If the executor named in your will has since emigrated, it may be wise to update your will and appoint someone based locally. This ensures a smoother estate administration process, avoiding delays and unnecessary financial burdens on your beneficiaries.
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
While the law allows you to appoint a family member or friend as your executor, the final decision rests with the Master of the High Court. If the Master deems your chosen executor insufficiently qualified, they may require professional assistance
In the absence of an estate plan, problems could arise in the deceased’s estate if there are insufficient liquid assets to honour the deceased’s bequests. In order to pay the bequests, the executor may need to realise assets in the
Where bonded fixed property is bequeathed to your children, they may be required to register a bond over the property in their own name and, if they do not qualify for a bond, they may be forced to sell the
To formalise his/her appointment, the executor must apply to the Master’s Office for what is referred to as letters of executorship which will only be issued if the Master is satisfied that the will is valid and that the nominated
The death of the first-dying spouse is regarded as a disposal for capital gains tax purposes. Where the first-dying spouse bequeaths his/her share of the joint estate to the surviving spouse, the surviving spouse is treated as having obtained the
From an estate planning perspective, there are several mechanisms available to reduce estate duty liabilities and, in turn, maximise the inheritance for your loved ones.
A per stirpes clause, or by representation clause, is a legal stipulation included in a will that requires that if a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to his/her heirs.
To avoid any doubt or confusion as to who the testator is, make sure that your will includes your full name and ID number. Many families make use of family names that get past through generations resulting in multiple members
