by Tobias | 14.Jul.2016 | Estate Planning, Trusts
The Responsibilities of Estate Handling Services in South Africa Whilst in the midst of enjoying our lives, it is all too easy to overlook the simple fact that each of us must, at some time, confront the inevitability of death. In practice, this has long been a prospect that many choose to avoid contemplating more than superficially and, as a result, it is an eventuality for which such individuals tend to make provision only at the last moment, if they do so at all. While this policy of avoidance may help to shield them from the reality of their mortality, upon their demise, it can have serious or even devastating consequences for those loved ones whom they have left behind. Imagine, for instance, being unexpectedly widowed and left, not only with the cost of a funeral to meet, but with a string of unpaid debts and insufficient funds with which to settle them. What might it be like having to face all of this at a time when your prime need is to mourn? A chastening thought indeed and one that should prompt anyone who claims to love his or her family to take a closer look at how the help of one of the country’s professional estate handling services could ensure that he or she need have no such concerns about their future financial security. What then should one expect from a firm entrusted with this task? What precisely are its responsibilities? For convenience, these may be divided into those associated with the planning phase and those that are required for the subsequent execution of whatever plan...
by Tobias | 14.Jul.2016 | Trusts
Professional Assistance with Managing Trust Funds and More For the average citizen anywhere in the world, being faced with the need to deal with legal matters is a prospect that they would rather avoid. Without, at least, some basic knowledge of the pertinent laws, even relatively basic legal undertakings such as drawing up a will, drafting an anti-nuptial agreement or, all too commonly, completing divorce papers, are tasks that can be confusing and fraught with hidden pitfalls for the layman. Of the three tasks cited, it is perhaps the first of these that people are, albeit unwisely, most often tempted to tackle as a do-it-yourself project. It seems straightforward enough. You know more or less what you have and who you want to give it to so what could go wrong? Well firstly, the value of your assets is not cast in stone. In practice, without some form of protection, it could be eroded considerably by the time of your demise due to a combination of duties, costs and inflation. Trust funds, however, can be a very effective means with which to avoid this erosion, although you would be well advised to seek some professional assistance should you decide to set one up. And, while you’re at it, you should probably consider getting a little more expert help with the drafting of your will. Completing all of the necessary paperwork correctly is, of course, only a beginning. When the time comes to implement your wishes, you will need a third party to handle your deceased estate. Once again, you would be well-advised to make your choice with care. Filing...
by Tobias | 12.Jul.2016 | Executor Services
What are the Responsibilities of the Executors of an Estate? While the recently deceased man or woman will definitely be relieved of any further earthly worries, the same cannot always be said of those whom he or she may have left behind. Although drafting a last will and testament may appear to be a relatively simple task, and one that many choose to tackle on a DIY basis, complying with the various legal requirements associated with the estate process is a responsibility that can often present more than a few challenges for the executors of a deceased estate. Given a better understanding of this role, it is probable that, rather than seeking to save the cost of appointing a specialist, many more would then see the wisdom of entrusting it to someone with rather more knowledge of these requirements than a family member or a close friend who has little or no experience of the relevant law. To understand the various benefits that are to be gained by retaining the services of a professional, it is first necessary to take a closer look at exactly what the role of executorship in South Africa entails. To state that the responsibility of the person appointed in this capacity is to carry out the various directives included in a final will and testament is something of an oversimplification. In practice, every step in this process undertaken by any of the appointed executors must itself be conducted in full compliance with the laws of South Africa relating to a deceased estate. One of the most important factors to consider is whether the total...
by Tobias | 12.Jul.2016 | Trusts
Professional Trust Fund Assistance Could Help Safeguard your Family’s Future It is a sad fact that many of those who have done what they believe to be their very best in order to secure the future of their loved ones in the event of their death, often fail to achieve little more than providing their families with a temporary respite from the resulting financial pressures. Unless properly managed, the value of a cash legacy can soon be eroded as a result of inflation, taxation and various financial obligations, consequently leaving beneficiaries with far less than had been the intention of their deceased benefactor when drawing up his or her last will and testament. Even where the provision for an heir is quite substantial, there may still be problems, however. Without professional assistance to set up and administer an effective trust fund, where that heir is a young person with little experience of managing his or her finances, it is not uncommon for a sum that was intended to provide lifelong security, to be squandered within a year or two on expensive purchases for which any value is of a purely short-term nature. Managed professionally, however, that same cash bequest could have not only continued to provide financial help throughout the lifetime of a son, a daughter or a grandchild, but continued to do so for their children and grandchildren too. So, are there any other advantages to be gained if one should decide to establish a trust fund? And to whom should one turn for advice and assistance with the task of setting it up and managing it? In...
by Tobias | 24.May.2016 | Estate Planning, Executor Services
Choosing Who Will Best Manage Your Deceased Estate Most men select a brother or a long-standing friend for the role when they are choosing a best man to support them on their wedding day. When, at a later stage, the married couple are planning to celebrate the baptism of their child; they will normally be equally discerning when deciding who will act as its godparents. In both cases, the choice is one based upon trust and the knowledge that, with just a brief rehearsal, each of the parties will be able to fulfil his or her roles flawlessly. It is surprising, therefore , that so many spouses and parents fail to apply the same criteria when appointing the executor who will, one day, be responsible for the management of their deceased estate. It will often be seen as a gesture of trust by a son, a daughter, a sibling or even a close friend who may be allocated this role. However, more significantly, the task of an executor is a serious and demanding responsibility and one that, without adequate knowledge and experience, can quickly become fraught with difficulties. While, in essence, that responsibility involves ensuring that the wishes of the deceased, as stated in his or her last will and testament, are fulfilled in the manner requested, the process requires the incumbent to ensure each step in the process complies fully with any prevailing laws of South Africa that may be applicable to deceased estate management. Executors are faced with a number of duties and, before embarking upon them, he or she will need to begin by gathering all...
