last will and testament
In terms of the Income Tax Act, death is considered a capital gains event and the deceased person is deemed to have disposed of his assets for an amount equal to the market value of the assets at the date
The L&D account must then be advertised in the local newspaper and government gazette in terms of Section 35 of the Act. The provides an opportunity for any interested parties to lodge objections with the Master. If no objections are
If your parents are fortunate enough to still have each other, it’s important to have conversations about what would happen in the event of one of them passing. Depending on the nature of their retirement income, the death of the
With July being National Savings Month, now is a good time to review your various savings accounts. If you’re contributing towards a tax-free savings account, check your contributions and make sure that they fall within the annual limit of R36
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
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
Trustees play a vital role in managing and administering the assets bequeathed to your testamentary trust for the benefit of your minor children. As such, it is essential that your trustees have the appropriate financial acumen and understanding of the
A trust can also be used effectively to provide financially for children with severe mental or physical disabilities and who, as a result of their disability, are unable to manage their own affairs. In a situation where a child has
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
If you intend bequeathing immoveable property, be careful in your estate planning to ensure that no complications or unintended consequences arise. For instance, if you are married in community of property, any immoveable property will be jointly owned by you
