Testamentary Trust
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
It is important that you give careful thought to those you intending to nominate as trustees as you will effectively be entrusting them with an enormous responsibility – keeping in mind that you will no longer be around when their
A life annuity, which is an insurance-based product designed to provide a guaranteed monthly income until the death of the annuitant, is in effect a life policy and, as such, comes to an end on the death of the policyholder.
If you have a special needs child, ensuring that those assets intended for him are protected and managed in his best interests even after your passing is a critical part of generational wealth planning. Special trusts, whether testamentary or inter
Another mechanism for ensuring effective succession planning is by nominating beneficiaries to your life policy or living annuity. If you wish to provide capital to your spouse and/or children in the event of your death, taking out life cover is
With financially dependent adult children, this life stage is critical when it comes to fine-tuning your retirement plan, settling debt, and structuring your assets. Having increased your net worth, reduced your home loan debt, and with fewer financial dependants, it
Also keep in mind that, as a permanent resident in South Africa, you are taxed on your worldwide estate, and this can have CGT and estate duty implications in the event of your death, especially where your foreign assets are
Trustees have a fiduciary duty to manage the trust assets in the interests of the beneficiaries and in line with the terms and conditions set out in the Will. It is essential to nominate trustees who have the knowledge and
Depending on your circumstances, you may consider setting up a Special Trust Type A while you are still alive with your special needs child as the beneficiary to the trust. This type of trust is particularly effective when it comes
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
