DEMYSTIFYING THE PROBATE PROCESS

During a person’s lifetime s/he will gather assets, in other words, belongings such as a house or a motor vehicle. These assets and liabilities will form part of a person’s estate. At the death of that person, his/her deceased estate must be administered, in other words, divided, distributed and controlled by someone. This person is […]

THE BASICS OF ESTATE DUTY

When a person dies, they leave behind an estate which includes everything they own. Estate Duty is payable on the estate of every person who dies and whose nett estate is in excess of R3,5 million. It is charged at the rate of 20%. Currently, SARS is responsible for collecting the Estate Duty of a deceased person. […]

PLANNING YOUR ESTATE AS NEWLYWEDS

For newlyweds, one of the most important tasks to attend to is estate planning. The estate planning will depend on what the couple wants and what form of marriage they are in. It is therefore important to keep the following in mind when planning the years ahead together. Marriage in community of property There is […]

SHOULD I PLAN MY ESTATE AS A YOUNG ADULT?

It is very important for you to plan your estate, which could include a living will, a last will and a living trust. This can help families prepare for difficult times when you are no longer around to assist or advise them. Our lives get busier and more complicated by the day, so estate planning […]

MANAGING DISPUTES OVER A DECEASED RELATIVE’S ESTATE

If someone leaves a sizeable estate behind, it may cause conflict among the possible heirs. The help of an attorney, when settling an estate after a death, can avoid unnecessary troubles. The Administration of Estates Act, 1965, determines what must happen with an estate after a person’s death. There are certain steps that should be […]

WHAT IS THE COST OF MY ESTATE DUTY?

In terms of the stipulations of section 4 of the Estate Duty Act No 45 of 1955 certain deductions from the value of an estate are allowed in order to determine the final value of the estate which will be subject to estate duty. The following two rebates are the most well-known: Section 4(q) – […]

SHOULD I PLAN MY ESTATE AS A YOUNG ADULT?

It is very important for you to plan your estate, which could include a living Will, a last Will and a living trust. This can help families prepare for difficult times when you are no longer around to assist or advise them. Our lives get busier and more complicated by the day, so estate planning […]

HOW IS A DECEASED’S ESTATE ADMINISTERED?

The administering of a deceased estate is regulated by the Administration of Estates Act No 66 of 1965 (as amended) and divided according to a valid will or the Intestate Succession Act No 81 of 1987 (as amended) or a combination of both acts. Various other acts and regulations may, however, also be applicable, like […]

IMPLICATIONS OF ESTATE DUTY

 Estate duty is charged on the dutiable value of the estate in terms of the Estate Duty Act. The general rule is that if the taxpayer is ordinarily resident in South Africa at the time of death, all of his/her assets (including deemed property), wherever they are situated, will be included in the gross value […]

SOME POINTERS FOR PLANNING YOUR ESTATE

The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the maximum utilisation of dependents on your death. “Estate planning” has been defined as the process of creating and managing a programme that is designed to: Preserve, increase and protect […]