freedom of testation
When drafting your will, it is important to understand the difference between your heirs and legatees. If you name a person in your will who would not otherwise inherit in terms of intestate succession, that person is known as a
Tax planning is an important part of your overall estate plan, and it’s important to factor in the various taxes that your estate may be liable for. Keep in mind that your death will trigger a capital gain meaning that,
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
Another limitation in respect of testation can be found in terms of Section 2B of the Wills Act which effectively provides a three-month window period for divorcees to update their Wills following a divorce order.
Your accrual contract continues to apply after the death of the first dying spouse, at which point the accrual will come into account. The executor of the first dying spouse’s deceased estate will need to calculate the increase in the
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
The efficacy of your living will hinges on your family and/or medical doctor knowing about its existence. When tragedy strikes, you do not want your family wondering whether you have a living will, or scrambling to find it. Make sure
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 in that jurisdiction. It involves obtaining the necessary court authority in the foreign country
If you own assets in a foreign civil law jurisdiction, it is important to understand whether you will be affected by mandatory succession rights in respect of your estate planning. Forced heirship can complicate inheritance especially where you have assets
