Often the inheritance of minor beneficiaries under a Will must be administered on their behalf after the death of the Testator. One way of doing so, is by using a Testamentary Trust. The difference between an Inter Vivos Trust and a Testamentary (or Mortis Causa Trust) is that the former comes into effect during the …
If the Executor of an Estate has appointed an Agent to administer the Estate, and the Agent passes away before the Estate Administration had been finalised, it is relatively easy for the Executor(s) to appoint a new Agent, sign a fresh power of attorney, and the administration process can be carried on. However, if the …
If the Executor of an Estate has appointed an Agent to administer the Estate, and the Agent passes away before the Estate Administration had been finalised, it is relatively easy for the Executor(s) to appoint a new Agent, sign a fresh power of attorney, and the administration process can be carried on. However, if the …
A Will which is regular and complete on the face of it will be presumed to be valid until such time as it is established that it is not in fact valid. But when would that be the case? The most common reason why a Will may be invalid would be due to lack of …
When is a Will valid, and when can it be set aside? Read More »
You may have heard that the estate duty rate and donations tax rate have been increased with effect from 1 March 2018. This is in line with Davis Tax Committee recommendations. For estates of which the dutiable amount is more than R30 million, estate duty is levied at 20% on the first R30 million and 25% …
Budget 2018 Estate Duty and Donations Tax Increase: Read More »
Are you a Trustee of an Inter Vivos Trust, but cannot find the original Trust Deed or Letter of Authority when the Trust’s Bankers ask for these details for FICA purposes? Do you have a query about an old estate, or need copies of documents from the Master’s office for some other purpose? Trusts: The …
Need copies from the Master’s Records? We can assist! Read More »
A South African client who owns property in Namibia and the UK, recently asked me what would happen to his offshore assets if he were to die while resident in South Africa. Although all the worldwide assets of a South African resident are potentially taxable under the Estate Duty Act, there may be assets that …
If a person who needs to have a legal act done while being unable to attend to it personally, because of illness or being outside the country, for example, such a person (“the principal”) could execute a power of attorney in favour of a third party (“the agent”). The law on agency applies to this …
It is a common but unfounded belief that the State will take over your assets if you die without a Will. The Intestate Succession Act, no. 81 of 1987, sets out the rules of how the estate of a person who died without a Will should be divided between his/her family members. It specifically makes …
Having a Will is a final statement of how you want your assets to be managed after your death. However, sometimes you may want to change it. You may have had a child, for example, and want to add him/her into your Will. You may have also acquired more assets and would like to reconsider …