by Tobias | 14.Jul.2017 | Wills
Have you been through any of the following life changes recently? Divorce? Marriage? Lost a loved one? Had a baby? Bought or sold a house? Changed jobs? Retired? Changing circumstances may have negative effects on the outcome of your Will. In order to prevent unnecessary heartache caused by an outdated Will, you need to review your Will regularly to make sure that the legal, tax and practical implications are in line with your current situation and intentions. Our Will service includes: Drawing up your Will taking into account your unique circumstances and all relevant legislation, tax, and practical implications; Our Will service includes: Drawing up your Will taking into account your unique circumstances and all relevant legislation, tax, and practical implications; Drawing up your Will taking into account your unique circumstances and all relevant legislation, tax, and practical implications; Free safe keeping of your original Will to ensure the Will is readily available at the right time; Annual Will review to ensure your Will stays relevant to your changing circumstances; Access to our Online Will System. Contact us to assist you with the drafting or review of your...
by Tobias | 11.Apr.2017 | Estate Planning, Wills
So many South Africans today are living together as man and wife without getting married and this occurrence almost doubles each year. The aim of this article is to look at the rights of a surviving partner at death. Currently in South Africa, there is no law regulating the rights of partners in a common law partnership. This means that you are not automatically seen as the spouse of your partner. The South African courts have on occasion come to the assistance of couples in the form of a universal partnership. This subject does not form part of our discussion today. Inheritance: In terms of the Intestate succession Act (rules applicable when a person dies without having a Will), a partner is not automatically entitled to an inheritance from his or her partner’s estate, no matter how long they have lived together. For a partner to inherit, such partner must be a nominated beneficiary in the last Will of the deceased partner. Estate Duty: For Estate Duty purposes, a permanent life partner who is a nominated beneficiary in the Will of the deceased partner is seen as a spouse and will qualify for the “spousal benefit exemption”. This means that no Estate Duty will be payable on the value of the inheritance received by the surviving partner. Claiming maintenance from the estate: In most cases a surviving partner who is not entitled to inherit from the estate of his or her deceased partner, would like to claim maintenance against the estate. This is normal as both parties contribute to the common household. With the one partner deceased, the financial...
by Tobias | 23.Feb.2016 | Wills
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 you die without a valid will in place, you will die intestate and this means that Government Laws will decide on the process of appointing an executor and will decide on how your assets must be distributed amongst beneficiaries, such as your children, spouse or other family members. This can take a long time and while the process is ongoing your assets – even the smallest ones like a bank account will be frozen. As the result, your family will have to come up with the funds for your burial and will not have any money at hand to pay for expenses you would normally have covered. The entire process is lengthy and will add to the financial burden on your estate, which may mean that your loved ones end up getting nothing from the estate. Many South Africans also think that they can set up a will with their spouse and it will be enough. Regrettably, the country also has a high divorce rate and if the ex-spouse is...
by Tobias | 09.Feb.2016 | Wills
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 when circumstances change, such as when: You get a divorce. You remarry and have to cater to the needs of your spouse and step children as well. One or more of your children marry, divorce or separate. One of your children now also has step children in their care. Your spouse died. Your long-time partner died. One of the beneficiaries died. The original guardians you stipulated in your will died or divorced. A new grandchild is born. If you no longer wish to provide for a particular beneficiary. Your financial circumstances have changed including the acquisition of assets or disposal thereof. Legislation changes, which affect how the distribution of assets to your beneficiaries will work. You want to split the estate in a different way between the beneficiaries. You want to change the executor of your will because the person has been incapacitated, died or is no longer a suitable candidate. You want to substitute one beneficiary for another. You have retired and want to review how taxes will affect...
by Tobias | 03.Feb.2016 | Wills
The death of a loved one is always very emotional and place us in unfamiliar territory at a time when we cannot think clearly. This guideline is aimed to help you cope with practical tasks during such times. You will be required to make quick decisions, from funeral arrangements to how to accommodate and feed out-of-town family and friends. To guide you through this unreal time, we have put together this general task list. To do immediately • Call emergency services, if your loved one passed away at home in order to report the death. • Call the funeral home and arrange for the remains to be transported to their facilities. • Arrange for organ donation immediately, should your loved one be an organ donor. • Assign a family member to contact immediate family where after close friends and extended family should be notified. • Notify the employer. To do before the funeral • Make the necessary funeral arrangements. • Notify friends, family and colleagues about the service date, time and place. • Notify the executor of the estate after finding the Will. The executor will support you on all practical matters relating to the estate relevant to this early stage. • Notify your financial advisor. To do after the funeral • Collect the death certificate from the funeral home. • Prepare a bundle of all the documents required to report an estate and hand it to the executor. If the executor has not yet provided you with the list of documents required, then request it from his office. • Meet with the executor and hand over the documents...
