By David Thomson, Senior Legal Adviser at Sanlam Trust Whether you are a godparent or you’ve asked someone else to be your child’s godparent, do you have clarity on what the term actually means? There is a critical difference between a godparent...
Common mistakes when drafting a Will and how they impact your wishes
By Kezia Talbot, Legal Advisor and Remay de Kock, Legal Adviser at BDO SA. It is officially National Wills Week. Wills can get quite tricky – there are several common mistakes that are made when drafting a Will that can have a serious impact on...
Can a mistress inherit from a married man’s estate?
Marilyn Monroe, Marla Maples, Michelle McGee, and Kristen Stewart – all successful women in their own right, with one controversial commonality – they were mistresses to married men. The term ‘mistress’ is an inflammatory one – a name as...
How to stick to your financial resolutions
The secret to a successful resolution is to keep it simple and to break it down to something manageable. Financial change starts one step at a time. Instead of saying “I am going to be debt free,” rather select one debt that you are committed to...
Spouses need to review their finances
Changes to the taxation of estates could leave a surviving spouse with a hefty tax bill. Last month the Davis Tax Committee (DTC) issued an update on its tax recommendations especially around so-called “death taxes”. Some of the key recommendations...
Don’t get caught out by a poorly thought-out Will
By David Knott, fiduciary expert at Private Client Trust Buying insurance, and drafting and updating your Will, can be put next to each other on the list of things that we don’t really want to do, and often put off doing. For many of us insurance...
Sort out your admin
In the final episode of Change in your Pocket, we highlight the importance of dealing with various admin issues before you get married. https://www.youtube.com/watch?v=6attRo6UGUQ&feature=youtu.be – Video supplied by BrightRock Welcome to the...
Should I put my assets in a family trust?
Lebo writes: My brother has suggested that I form a family trust and put my house, car and investments into it in order to protect them. Is this a good idea? Frank Magwegwe, head of Momentum Personal Adviser Services at Momentum Retail replies:...
Understand your marriage contract
Many couples underestimate the importance of their marriage contract, and the implications it has in the case of death or divorce. Watch Episode 16 of the Change in your Pocket series for a detailed explanation of the various marriage contracts. –...
The ins and outs of a buy and sell agreement
Tanya Lochner of Glacier Fiduciary Services discusses a buy and sell agreement as an exit strategy where there are two or more partners in a business. A business needs to prepare for the event of one or more of the partners dying or becoming...
Previous Articles
Common mistakes to avoid when drafting a will
If you have a will, you’ll have the last word on what should happen to the fruits of all your hard work when you are gone, right? Not quite, says Sanlam Trust legal adviser, Clive Hill. Wills have split up families, turned siblings into prime enemies and wasted...
You probably need a foreign will if you have invested offshore
Since the relaxation of exchange control, and as the Rand continues its downward slide, many South Africans are investing offshore with important consequences for their estate planning. If you have invested offshore, consider whether you need a foreign will to deal...
Retirement annuity tax loophole to be closed
By Tanya Lochner, fiduciary specialist at Glacier by Sanlam In the foreseeable future retirement annuities will no longer fall outside of your estate for estate duty purposes, so bear that in mind when you do your estate planning. Since 2007, a retirement annuity (RA)...
Delayed parenting: how to avoid a financial ‘bottleneck’
There may be very good reasons to postpone starting a family, but it’s also important to consider the potential financial implications when you make this call, says Karin Muller, head of Growth Market Solutions at Sanlam. People are delaying having children for...
Am I obliged to leave my estate to my family?
By David Knott of Private Client Trust, the fiduciary services division of Private Client Holdings, and a member of the Fiduciary Institute of South Africa In many countries around the world there are forced heirship laws in place which have evolved over many years of...
All the ins and outs of estate planning
As much as people realise there is a need to ensure they have planned for their family's financial future after their passing, many do not understand the different aspects of estate planning and the negative impact that a lack of planning can have on their family....
Bequeathing property in your will – how it can go wrong
By David Knott of Private Client Trust, the fiduciary services division of Private Client Holdings, and a member of the Fiduciary Institute of South Africa. When it comes to leaving fixed property to someone in your will, unless you have had professional assistance in...
Finding your financial feet after a divorce
Considering that almost three marriages end in divorce in South Africa, and research indicates that women are the hardest hit financially after divorce, finding your financial feet after this devastating event can be one of your lifelines. According to Financial...
Estate planning around divorce
Experiencing the emotional turmoil of a divorce is bad enough, but going through a divorce when you are financially dependent could make your problems even worse. Angelique Visser, Chairperson of the Fiduciary Institute of Southern Africa and Director, Baraza Wealth,...
Is your will worth the paper it’s written on?
There are times when the instructions contained in your will might not be carried out as you intended. South Africans have always believed that they enjoy total freedom of testation - unlike many other countries where legislation imposes forced heirship, which means...