Estate planning precedes estate handling and only if you have taken the necessary steps to plan for the future will it be possible to ensure that your personal assets are managed according to the wishes as stated in your will. An estate can take the form of: Personal estate that comes into effect upon the death of the person and is managed according to the wishes stated in the person’s will. Assets within a trust – which is a legal instrument for the protection of assets to the benefit of beneficiaries where the estate is handled by the trustees.... read more
Only once you understand the full potential of trusts do you appreciate why, despite some disadvantages, trusts make excellent estate planning and asset protection instruments. Every trust is unique, even though it falls within a specific category, and the primary function is to protect the property or assets transferred to the trust. It can be established to protect the family’s assets or to ensure that your children will have adequate income if you are no longer around to take care of them. The trust must be set up to meet your specific requirements and this is where the expertise... read more
Why an Executor Must Be Experienced in the Management of Deceased Estates The management of deceased estates is a complex task and before you appoint an executor based on friendship or family ties, you should first consider what the role entails. It is essential to appoint someone that is intellectually capable, responsible and committed to ensure correct application of the law and distribution of the assets. What you are basically asking from the executor is to take over your role in managing your deceased estate. The person must have the time and if you choose the wrong person it... read more
If your question is “When is it time to update my will?” then it is already time to have a professional specialising in wills, trusts and estate planning review your will. As a general rule, it is wise to update your will every three to five years, though it is recommended that you review it once a year just to make sure nothing of importance changed during the past twelve months for which an update will be necessary. With the will being the most important record of instructions regarding your assets and wishes, you will want to update it... read more
A trust is set up by the founder who then surrenders assets to the trust, which is administered by a trustee or trustees to the benefit of the appointed beneficiaries. In setting up a trust fund, you ensure that the powers of the founder are separated from that of the beneficiaries and the trustee/s and to protect the assets within the trust for a variety of reasons as explained below. A trust fund for your children can be an effective tool for protecting income generating assets for your children and to avoid expensive estate duty tax. However, before you... read more
