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...
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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...
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...
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...
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...
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...
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...
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...
Previous Articles
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...
Nguni customary law does not recognise the rights of an unwed partner
A landmark ruling raises the issue of a woman’s right to inherit outside of wedlock regardless of what Nguni customary law dictates, writes Mkhululi Ngxumza A married woman inherits all kinds of assets from her husband, her children, who may die before her leaving no...
Your will holds your wishes, but be careful what you wish for
When you die all your assets such as your bank account and investment policies are frozen and will only be released once the estate has been finalised. If you do not have a will this can take years to resolve. Sorè Cloete, Legal Manager at Old Mutual recently dealt...
Dying without a will
“My husband died without a will. We were married under customary law and I want to know what will happen to his money. We have two young children,” writes Nomsa. Maya replies: Having a will in place that provides instructions on how your money should be divided should...
Receiving a death benefit
A reader recently wrote to City Press to question how his late wife’s pension benefit had been distributed and whether it was in accordance with the law. It raises some interesting points about the provision of the law and the role of pension fund trustees. ...
Who gets your retirement fund benefits when you die?
If you've nominated someone other than a dependant as the beneficiary of your retirement fund, your wishes might not be honoured when you die, even if you've made that person the sole beneficiary of your estate. This is because pension fund legislation favours...