A person with some cognitive impairment may be incapable of making a will at some times, but of sound mind at other times. The general presumption is that a person who made a will, was of sound mind and understood the consequences of the document signed at the time. The key question is the person’s …
When drafting or updating a Will, it is very important to know what exactly the functions of an Executor, Guardian or Trustee are and who you should entrust with these functions. One of the first questions to consider when drafting a Will, is the appointment of an Executor. The duties and responsibilities of an Executor …
Appointment of Executors, Trustees and Guardians – Why it is important – Cleo Cupido Read More »
A divorce is often both financially and emotionally taxing for the parties. One of the matters requiring attention is that of a Will containing bequests to a former spouse. This is also a matter dealt with in legislation. Section 2B of The Wills Act 7 of 1953 provides that if a person dies within 3 …
During these uncertain times, it is even more important to ensure that your family members have access to the following information and documents: Important Documents: Copy of your Will and, if applicable, the originals of any trust documents, title deeds, insurance policy documents, investment certificates, registration document(s) of motor vehicle(s), marriage certificate, ante nuptial contract …
Lockdown lists: Get your important documents in order. by Sisteen Geyser Read More »
Wills should have clear provisions on the rights of family members to immovable property after the owner dies. One way (the simplest) is to direct in the will that the property be sold and the proceeds divided among the children. This will avoid any joint ownership that could lead to disagreements among his children. However, …
Family rights to immovable property after death of the owner by Trust and Estates Read More »
At this time of the year, our firm would like to remind our clients of the importance of drawing up a Will, or updating your Will on a regular basis. Changing circumstances which may necessitate a revision of your Will, include a marriage, the birth of a child, a divorce, the drastic deterioration in your health, …
When last did you update your Will? by Sisteen Geyser Read More »
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 …
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 …
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 …