Did you know that passing away without a valid Will in place can be devastating for your dependants? Your children’s inheritance could pass to the government’s guardian’s fund or to the appointed guardian rather than to a trust that will ensure your wishes for them are carried out. That means you would lose control over...
Your Last Will & Testament is one of the most important documents you will ever sign. Therefore, making sure you draft your Will properly & professionally ensures that you effectively plan for the unexpected and protect your loved ones from a disaster. What should your Will include? Who your beneficiaries will be. What items, assets,...
Your Last Will & Testament is an extremely important document. That’s why it is paramount to make sure it is signed and witnessed correctly so it will be accepted by the master of the high court. Who may witness your Will? Anyone over the age of 14 who is competent to appear in court as...
Nearly 75% of South Africans pass away without a valid Will in place. There are times when people draft or update their wills but they are deemed to be invalid by the courts and hence get rejected. This can be as disastrous as having no Will. For a Will to be valid in South Africa...
Many people put off drafting their wills because they perceive it as a costly endeavor. However, it’s important to understand that the expenses associated with drafting a will can fluctuate significantly depending on various factors. These factors include the complexity of the will itself and the choice of service provider. It’s essential to consider these...
A last Will & testament is a legal document outlining one’s estate distribution wishes upon death. In estate planning, ensuring assets distribute as desired is crucial. Understanding the Components of a Last Will & Testament A typical last Will & testament contains several key components: Identification of Beneficiaries: The Will specifies who will inherit your...
Tax is unavoidable even at death. That is why understanding the various taxes that your estate could be liable for is an important part of estate planning. Estate duty is a tax charged on the transfer of assets from the deceased estate to their beneficiaries. If the deceased is a resident in South Africa, their...
We have been discussing the pitfalls you can experience without proper estate planning. In pitfall 2 we mentioned all the legal fees that will need to be covered by your estate or beneficiaries. Today we would like to tell you about other fees that will be due to wind up your estate. The additional fees include:...
When you pass away it takes some time to wind up your estate. During this period (which can be a few months), your beneficiaries may be left without income. They may be worried about funeral expenses, bond repayments, school fees or other expenses and are reliant upon receiving payment from your life policy. If the...
Along with the heartache of death comes a variety of additional burdens in the form of legal fees and expenses that must be taken care of by your loved ones. By understanding these legal fees and expenses, you can prepare for them to ensure the costs are covered and the burden on your loved ones...
