A Task Best Left to the Professional Deceased Estate Administrators The loss of a spouse or partner is, in itself, a sufficiently traumatic event. It is, however, a situation that can prove even more so in the event that the bereaved is not sufficiently prepared to handle the financial practicalities that have become the inevitable accompaniment to death in our modern society. Winding up a deceased estate is a process that is clearly defined in law and one that is required to proceed according to a sequence of essential steps for which the responsibility will reside with the appointed... read more
What Are the Main Benefits of Establishing a Trust Fund? Today, most South Africans, everywhere from Pretoria to Pofadder, are aware that estate duty, capital gains tax and the sundry costs that may arise from handling a deceased estate can severely erode the ultimate value of an inheritance. It can thus minimise the benefits that accrue to the intended beneficiaries. However, this is not the only reason why one should consider taking steps to protect it. In this respect, trust funds can prove to be the perfect instrument with which to protect those assets intended to help your loved... read more
Did you know that over 85% of South Africans have not done any estate planning, such as setting up a will for their children? Shocking as it may be, people don’t quite like thinking of death and their responsibilities to their families after they have passed away. Many believe that they will only need to set up a will when they are rich or when they are older. Unfortunately, death often comes as a surprise and even if you did set up a will five or so years ago, your financial circumstances and family and/or friend relations change. If... read more
We have answered a few of the frequently asked questions regarding wills, deceased estates, trustees and beneficiaries below. Having a better understanding of some of the key terms used by deceased estate handlers will help you understand the importance of obtaining legal advice regarding your will or right to inherit. What is the deceased estate The collective of assets, income and liabilities of the person who died is known as the deceased estate. Note that it is a legal term and not a person. Therefore the estate is vested in the Master of the Court and the executor or... read more
Trust funds are legal instruments to enable the protection of assets and the continuity of a person’s financial legacy. To understand the working of a trust fund, let’s look at this scenario: John has worked hard over a period of 40 years and has built a rather comfortable hedge against financial risks. He knows he is getting older and since death is one risk he cannot escape forever, he wants to make sure that his loved ones are taken care of in the event of his death. Unfortunately, not all his children are financially responsible and may spend their... read more
