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...
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...
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:...
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. –...
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...
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...
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...
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...
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...
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...
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...
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,...
Who should act as trustee for a family trust? A family member, a professional independent trustee, or both? This is one of the biggest decisions to be made in estate planning – and it’s a decision which can have massive consequences for the heirs and the estate if not...
By Oliver Charles Phipps, FISA member and Solicitor in England with Lester Aldridge It is quite common for an individual in South Africa to own a bank account which is registered in the British Isles. This may be because he or she originated from the British Isles or...
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...
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...
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...
While it is very important to keep track of your day to day expenses as well as your longer term financial goals, you also need to ensure that your financial administration is up to date. If you need to urgently get hold of vital paperwork do you have any idea where...
It would appear that some South Africans are prepared to pay a couple of hundred rands for a restaurant meal, yet are not happy to pay an expert the equivalent to draft their Will, a vital document that speaks for you when you are gone. Recent affluent[1] and high net...