Estates, Wills and Trusts
Just as we are liable to pay taxes on income, purchases and other transaction made throughout our lives, there are taxes for deceased estates too.
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The South African Revenue Service is taking a very close look at trusts and the abuse thereof, so unless one can commercially justify why certain transactions were done by a trust, the motivation will be investigated.
In this article we will be discussing estate planning and how it relates to the 3 main types of marriage.
While the subject of death is not usually something we like to focus on, it is however something that needs to be planned to to make things less difficult for our loved ones.
According to the Estate Duty Act, estate duty is charged on the dutiable value of a property. The rate in South Africa is currently 20% of the estates dutiable value.
The Administration of Estates Act 1965, outlines what must happen with an estate after a person’s death. There are certain steps that should be taken to ensure the process of settling an estate is legal.
The purpose of a Living Will is to guide your family and doctors when you are in an unrecoverable medical state and are no longer capable of making your own medical decisions because of this condition.
There are many reasons why a trust deed may need to be amended. However doing so is not a simple or straight forward process.
Generally speaking, nobody likes to dwell on the subject of their own death. Unfortunately, it is something that none of us can escape and ignoring the consequences can make things that much harder for those left behind.
A trust can offer an efficient and flexible way to ensure that your assets are preserved and objectively managed and controlled by appointed trustees in the best interest of your beneficiaries.
Recent changes to tax law make it critical to consult an expert to avoid making mistakes in the use of trusts in estate tax planning.
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