foreign will
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.
If you are invested directly offshore, it is unlikely that you will need a foreign Will for these assets. However, if you have other assets offshore, such as fixed property or business interests, it may be necessary to seek estate
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
In theory, your bank accounts should be frozen in the event of your death. However, in practice, there is generally a delay between your death and the appointment of your executor whose job it is to notify your financial institutions
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 have a foreign Will in place to deal with assets held in a foreign jurisdiction, this can also result in the winding up of your estate. Applying for foreign probate, especially in civil law jurisdictions or where language
You must ensure that there is no sizeable gap between the last paragraph of your Will and your signature, as this can lead to your Will being declared invalid. A significant gap can provide fraudsters and those will ill-intent opportunity
