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Estates, Wills and Trusts
Polygamous marriages, recognised under customary marriage law in South Africa, present unique legal challenges, particularly in estate planning and asset distribution.
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Drafting a will is an essential step in estate planning to ensure that your assets are distributed according to your wishes and to protect the interests of your loved ones.
When a person passes away, their debts don’t simply vanish. Instead, they become part of the deceased estate, which includes all the deceased’s assets and liabilities. Managing these debts while ensuring the fair distribution of remaining assets to beneficiaries is a key aspect of deceased estate administration.
The process of winding up a deceased estate in South Africa can be complex and time-consuming, but it is crucial to ensure that the deceased's assets are distributed according to the law and their wishes.
The winding up of an estate after a loved one's death is a delicate process that requires meticulous attention to detail and adherence to legal procedures.
When dealing with trusts, a recent case sheds light on the intricacies and legal principles involved.
A crucial responsibility of the appointed executor is to diligently account for the debts and obligations within the deceased individual's estate. It is important to note that the heirs and beneficiaries can only receive their respective inheritances once all the estate's liabilities have been settled.
Throughout a person's life, they will accumulate a variety of assets and obligations. These assets can range from tangible items such as property, vehicles, and furniture to liquid assets like cash. On the other hand, liabilities may include home loans, personal loans, and retail accounts.
Property practitioners are often involved in marketing property which is an asset in a deceased person’s estate. However, buying from a deceased estate can deter buyers or investors from pursuing the purchase because such transfers are known to take longer than usual to finalize.
Having a will is one of the most important parts of estate planning and ensures that your estate is distributed according to your wishes. However, without a will in place, what happens to your estate after you die?
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