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Estates, Wills and Trusts
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.
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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In South Africa, it is a well-known fact that more than 70% of the people do not have a will, or their will is out of date or no longer relevant.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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