foreign assets
The necessity of having an offshore Will depends on several factors, including the type of asset, the jurisdiction in which it is located, and its overall value. Generally, if you own immovable property in a foreign jurisdiction, it is advisable
Living annuities do not fall under the scope of the Pension Fund Act and are therefore not subject to Regulation 28 and, as such, there is no limit to the amount of foreign exposure you may hold in your living
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.
Although the offshore limit has been increased to 45%, the reality is that 55% of your retirement fund capital must be invested in South African assets which, given the rate at which the number of listed companies on the JSE
Having a foreign executor appointed in a foreign will means that your local estate can be finalised without delays caused by obtaining recognition in a foreign jurisdiction. Further, a foreign will dealing with offshore assets will address specific requirements of
Probate is a procedure whereby your South African-drafted Will is approved by the foreign legal authority as valid so that your foreign assets can be administered, although keep in mind that obtaining a probate order may delay the winding up
Direct offshore investing can be used effectively if you intend to access the money in the offshore jurisdiction in which you are invested, such as if you plan to retire abroad or send your children to an overseas university. Direct
If you’ve acquired any foreign assets since drafting your Will, this may necessitate a review of your Will. Depending on the nature and jurisdiction of the foreign assets, it may be necessary to have a foreign Will drafted. In such
Before making the decision to emigrate, it is advisable to review your plan to ensure that you fully understand the financial impact of doing so. Regardless of where you intend relocating to, emigration is an enormously expensive undertaking that requires
