Category: Wills and estates
-
How trusts preserve generational wealth
The estate duty savings are compounded over several generations Article on trusts are often aimed at settlors or donors to highlight the benefit of trusts and the role they play in estate planning at the ‘first-generation’ level. In this article, the author aims to illustrate to second-generation beneficiaries the effect of the decisions their parents […]
-
Life partners now qualify for intestate succession
The Constitutional Court recently confirmed the October 2020 ruling of the Western Cape High Court that section 1(1) of the Intestate Succession Act is unconstitutional in so far as it excludes life partners in a relationship intended to be permanent, as per the definition of “spouse”. The Court ordered parliament to amend two laws to […]
-
Sekere riglyne vir boedelbeplanning
Die hoofdoel met boedelbeplanning is om toe te sien dat soveel as moontlik van jou geakkumuleerde rykdom vir jou eie voordeel aangewend word en vir die maksimum voordeel van jou afhanklikes by jou dood. “Boedelbeplanning” word gedefinieer as die proses waarin ‘n program geskep en bestuur word om: Jou bates tydens jou leeftyd in stand […]
-
Some pointers for planning your estate
The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the maximum utilisation of dependents on your death. “Estate planning” has been defined as the process of creating and managing a programme that is designed to: Preserve, increase and protect […]
-
The impact of Capital Gains Tax at death
Capital Gains Tax was implemented on 1 October 2001 but is still relatively new to many people, especially when it comes to estates and Estate duty. When a person dies, two tax entities come into existence for the purposes of Capital Gains Tax: the deceased and his/her estate. Capital Gains Tax is levied on […]
-
Usufruct and capital gains tax
What is a usufruct? “A usufruct provides to the usufructuary a right of use of property or assets, lifelong or for a specific period, but the usufructuary does not acquire ownership of the relevant property or assets.” Usufruct is often applied as part of estate planning in order to save on Estate duty, as the […]
-
Your will and foreign assets
Each country has its own legislation regarding inheritance and signing of wills. It would therefore be possible that your South African will does not comply with all the requirements of the country where your foreign assets are located. This may result in the non-inheritance of your foreign assets in terms of your last will and […]
-
What happens to my bank accounts when I die?
In previous articles we suggested that the best way to ensure that your assets are distributed as you want them to be distributed, is to draw up and maintain a will. Should you die without a valid will, your assets will be distributed in terms of the Intestate Succession Act. This may result in unpractical […]
-
What is the cost of my estate duty?
In terms of the stipulations of Article 4 of the Act on Estate Duty No 45 of 1955 certain deductions (known as rebates) from the net value of an estate are allowed in order to determine the final value of the estate which will be subject to estate duty. The following two rebates are […]