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Estates, Wills and Trusts
According to the Estate Duty Act, estate duty is charged on the dutiable value of a property. The rate in South Africa is currently 20% of the estates dutiable value.
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The Administration of Estates Act 1965, outlines what must happen with an estate after a person’s death. There are certain steps that should be taken to ensure the process of settling an estate is legal.
The purpose of a Living Will is to guide your family and doctors when you are in an unrecoverable medical state and are no longer capable of making your own medical decisions because of this condition.
There are many reasons why a trust deed may need to be amended. However doing so is not a simple or straight forward process.
Generally speaking, nobody likes to dwell on the subject of their own death. Unfortunately, it is something that none of us can escape and ignoring the consequences can make things that much harder for those left behind.
A trust can offer an efficient and flexible way to ensure that your assets are preserved and objectively managed and controlled by appointed trustees in the best interest of your beneficiaries.
Recent changes to tax law make it critical to consult an expert to avoid making mistakes in the use of trusts in estate tax planning.
The recent case of Smith v ABSA Bank Limited yet again demonstrates the extreme caution that must be taken when dealing with a Trust.
Business dealings with Trusts are most likely to occur when immovable property is sold or purchased by the Trust.
We all get caught up with the high demands of family life and work, so it is easy to forget about taking care of your estate and will.
However, this is arguably the most important thing to take care of while you are still alive.
Letters of wishes (sometimes referred to as a Memorandum of Wishes) are non-binding documents that provide guidance of the estate planning documents.
In South Africa, it is a well-known fact that more than 70% of the people do not have a will, or their will is out of date or no longer relevant.
Many people spend their lives building up assets, only to have the whole process undermined by neglecting to have a will, or having one that does not reflect their wishes when they are no longer around.
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