immoveable property
While a cohabitation agreement is designed to set out the financial consequences should the relationship break-up, it should also deal with other eventualities such as the death of a partner, disability or illness, unemployment, job relocation, and inheritance, to name
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.
Ownership of immoveable property is one of the most important matters that must be covered in your cohabitation agreement as failure to do so can leave couples with very little legal recourse should the relationship terminate.
Once the assets are transferred into the trust, they no longer belong to the trust founder and the trustees are required to take over full control of the assets and to ensure that they are managed to achieve best outcomes
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 your fixed property is bonded and you have the appropriate level of bond cover in place, your executor will settle the bond using the proceeds of the life cover and bond cancellation instructions will be issued, thereby allowing your
When distributing your assets, the executor will first use your assets to pay the costs of administering your estate and to pay your creditors. Thereafter, your legatees will receive any legacies due to them in terms of any special bequests
When choosing witnesses for your Will, remember that no one who stands to benefit from your estate should be allowed to witness your Will. If a beneficiary to your Will also signs as a witness, he/she can be disqualified from
While you are reassessing your life cover, take time to review the beneficiaries that you have nominated on your various policies and investments, including any retirement funds that you have in place.
If the body corporate needs more money, they are further entitled to raise a special levy which can be used to cover the costs of necessary expenses which cannot wait until the next financial year.
