testate succession
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
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
If the Will is found to be invalid, then the deceased’s estate must be wound up in terms of the laws of intestate succession. In such an instance, the Master will appoint an Executor Dative to the deceased estate.
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
Through a Living Will, you can request that certain medical treatment aimed at prolonging your life can be withheld in circumstances where there is no hope of your survival, such as if you are in an irreversible vegetative state with
If you have previously drafted a Will, it is vital that you include a revocation clause in your new Will in which you expressly revoke all previously drafted Wills. If you die leaving two or more different Wills, this can
While identifying your heirs is important, it’s also important to nominate successive heirs to deal with the eventuality that one or more of your heirs predeceases you. If you are silent on what happens in such circumstances, your executor must
In the absence of a Will, if there is a surviving parent in the event of your passing, that person will be the legal guardian of your minor children. But, if both parents were to die simultaneously or in close
For income tax purposes, your worldwide income will be subject to income tax in South Africa. Remember, with effect from 2016, your executor will be required to file a pre-date of death assessment as well as a post-date of death
