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 […]

HOW DO I REGISTER A TRUST?

A trust is an agreement between the person who owns the assets and the appointed trustees. A trust can be a good way to preserve your wealth for your family and children. A well-managed trust will make sure that anyone who is a beneficiary of the trust benefits from it. The trustees have the important […]

DO I HAVE TO PAY CGT WHEN I SELL MY THINGS?

Individuals who are residents for the purpose of the Income Tax Act, 58 of 1962, are liable for CGT (capital gains tax) on the disposal of South African and foreign assets. In addition, non-residents who dispose of immovable property in South Africa are liable for CGT as well. What is a disposal of an asset? […]

DIFFERENCES BETWEEN LIQUIDATION AND SEQUESTRATION PROCESS

The application for liquidation and sequestration processes are often confused. Many people think that the processes are the same. However, there is a big difference between these two processes. A simple way to describe liquidation is that liquidation is the winding up of a firm by selling off its free assets to convert them into […]