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Estates, Wills and Trusts
The sale of the assets is one of the most prominent ways of distributing assets. However such sale needs to be at market value, which can be achieved by getting two different valuations and declaring the average. However, the sale of assets such as property and company shares will invite Transfer Duty and Capital Gains Tax.
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Although the administration of a deceased estate involves the distribution of benefits to legatees and beneficiaries, the law also requires that applicable taxes and deductions be made before any distribution can be made.
It is important that deductions and taxes are taken into consideration during estate planning and when a will is drawn as this is a complex process especially when the concerned has died.
Setting up a trust is aptly a trusted way to secure inheritance for the benefit of beneficiaries.
A trust can be described as either an inter vivos trust (living trust) which is set up during the life time of the trust founder, or a testamentary trust whose set up is provided for in a will, to be set up when the testator passes away.
Many South Africans are wondering if executing a will during lockdown is possible and, if so, how can it be done while meeting all the legal requirements? Here are some tips on executing a will during lockdown.
With their primary audience being executives and investors, we were honoured to be approached by one of Finweek's business journalists to answer frequently asked questions related to wills and estates in South Africa.
There are many areas of a will that, when not written correctly, can be misinterpreted. The result is your estate is not administered or distributed according to your wishes. This article is the final part of a two-part series that addresses how to write a will in South Africa and, most importantly, what mistakes to avoid.
The most important thing to keep in mind when drafting a will is to make sure there is no room for uncertainty or ambiguity. This is to ensure that there is no confusion among heirs or beneficiaries regarding their inheritance which may result in a contested will.
There are certain advantages and disadvantages that come with buying a house in a trust that already exists.
In this article, we discuss the various benefits and implications of purchasing immovable property in the name of an existing trust.
If you die without leaving a will in South Africa, the rules of intestate succession will apply as stipulated in the Intestate Succession Act 81 of 1987.
Any person above the age of 16 is entitled to make a will which determines how his or her estate should be distributed upon death.
If you are looking to transfer property to a minor child, it’s important to be informed about the challenges you might face should you want to sell the property after it has been transferred.
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