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Although the administration of a deceased estate involves the distribution of benefits to legatees and beneficiaries, the law also requires that applicable taxes and deductions be made before any distribution can be made.
It is important that deductions and taxes are taken into consideration during estate planning and when a will is drawn as this is a complex process especially when the concerned has died.
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.
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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