last will and testament
While putting money away for your child’s education is important, do not neglect your retirement funding. Without adequate retirement funding in place, you could become a financial burden on your child later in life which should be avoided at all
The child’s guardian has the ability to claim funds from the Guardian’s Fund to cover essential expenses such as school and university fees, clothing, medical aid premiums, food, and maintenance costs. However, these claims are capped at R250,000 from the
A Letter of Wishes complements your Will and should be seen as a guide rather than a set of binding instructions. This document provides additional information on personal matters to be considered after your death, such as your preferences for
As a married couple, you will want to ensure that you are both adequately provided for in the event of death or disability, so take time beforehand to put the appropriate level of cover in place. If you or your
With a properly structured business assurance agreement, the proceeds from such a policy are exempt from estate duty in your estate. Unlike other assets, business assurance policy proceeds are not considered part of the deceased estate's deemed property, offering a
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
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
Burying your head in the sand and hoping for the best is not a retirement funding strategy. If you’ve never had a retirement plan prepared and you don’t know whether you are putting away enough for retirement, this will undoubtedly
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.
