A client has recently had a baby and asked me how she goes about changing her will. A will ensures that the person that winds up your estate distributes your assets to named beneficiaries after you pass, according to your wishes. If there are changed circumstances such as the birth of a child or the… Continue Reading
Inheritance and Wills
One of the most important things that a person needs to think about is death and how their assets will be distributed after their death. When a person dies, their assets will be distributed either in terms of their will (testate succession) or according to the rules of intestate succession, if the person has not… Continue Reading
Personal information for my survivors upon my death or becoming incapacitated
I have posted a Wishes and Memories booklet on our website that will be a clear record of your funeral wishes, a source of important documents for legal and public records, and a permanent keepsake of your fondest memories to speak to future generations. To save your survivors as much heartache as possible immediately following… Continue Reading
Leaving this Mortal Coil
Leaving this mortal coil – taking care of your digital and physical assets I have posted a Wishes and Memories booklet on our website that will be a clear record of your funeral wishes, a source of important documents for legal and public records, and a permanent keepsake of your fondest memories to speak to… Continue Reading
Master of the High Court: Intestate Succession
IF YOU DO NOT LEAVE A WILL http://www.justice.gov.za/master/m_deseased/deceased_intestate.html See the Intestate Succession Act. Any person of 16 years and over is free to make a will in order to determine how his/her estate should devolve upon his/her death. If you die without a will, your estate will devolve in terms of the rules of intestate… Continue Reading
Freedom Of Testation
Can I choose who to benefit in my will? In South Africa, a person can leave his or her assets to whoever he likes, with few limitations. This is called “freedom of testation“. If a person dies with a valid will, he or she dies “testate”, and without a valid will, he or she dies… Continue Reading
No interest on loans to trusts
One way of avoiding estate duty and donations tax is to sell an asset to a family trust for a market related value. The rationale is to freeze the growth of the assets in the taxpayer’s estate for estate duty purposes. The income tax benefits would accrue to the beneficiaries of the trust after the… Continue Reading
If I am married in community of property, what can I leave in my will?
A client asked: What are the implications when folks get married in community of property after a property was purchased in any one’s name, draw up a will and one passes away? If a couple get married in community of property, they share equally in the assets and liabilities of their joint estate (whether acquired… Continue Reading
Is An Enduring Power Of Attorney Binding In South Africa?
Does my mom’s power of attorney endure if she can’t manage her affairs? A person has full contractual capacity if he or she can conclude a legally binding contract. A party’s contractual capacity may be affected by mental illness, intellectual disability, physical disability, head injury, an extended period of unconsciousness, stroke or extreme old age,… Continue Reading
Overseas assets and your will
If you have offshore assets, it’s a good idea to have separate wills, one for your assets in South Africa, and the other/s for assets in each country where you have assets overseas. Your local will should provide something like ‘What follows applies to my South African assets only’ or ‘This will deals only with… Continue Reading
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