Wills, Estates & Trusts

When you pass away and leave property which has not been disposed of by a valid will, it will be distributed according to the laws of intestate succession i.e. not necessarily to the beneficiaries or in the manner you had in mind. The inheritance of minor children must be paid to the Guardians Fund to be administered by them until the minor attains majority.

The absence of a will can also cause unnecessary delays in the administration of an estate resulting in undue hardship for your beneficiaries.

Effective estate planning, reflected in your will, can minimize estate duty and other taxes payable upon your death.

• Your Will will accurately express your wishes and be practically executable;
• Your will will accurately state whether it deals with your worldwide or only South African Estate;
• Your Will will comply with the formalities for the valid execution of a Will, a significant amount of Wills are rejected by the Master’s Office because of the incorrect execution thereof. Consequently a court must be approached at great expense to order the Master’s Office to accept the Will.
• Ambiguous and impractical bequests will be avoided;
• Proper provision will be made for minor beneficiaries;
• Your estate planning will be done in an easy to understand and systematic manner and ensure as far as reasonably possible, the minimum payment of death taxes;
• You will be reminded regularly (by return of post or e-mail) to review your estate planning and Will;
• You will always have the assurance of professional, personal and prompt service;
• You will have the peace of mind that your estate planning and/or estate will be attended to efficiently

Any change in your personal circumstances usually necessitates a review of your estate planning and will.These changes include the following:

• A change in family composition, e.g. death of a spouse, birth of a child / grandchild, a child or dependent becoming disabled or divorce;
• A change in the composition of your estate, e.g. when a new business is started, the purchase / sale of property, the receipt of an inheritance, the obtaining of shares / membership in a private company or close corporation/obtaining foreign assets
• A change in legislation that affects estates e.g. changes Estate Duty Act, Capital Gains Tax Act, Income Tax Act, Wills Act, Administration of Estates Act, etc.

We assist our clients with the administration of their loved ones’ estates and also attend to the administration of estates where we have been appointed as executors.

We do this in a sympathetic manner and engage with the family on a personal level. We aim to finalise all estates in a professional, speedy and efficient manner, taking into account that we are bound by the provisions of the Administration of Estates Act 66 of 1965 ,in terms whereof certain administration procedures are linked to statutory time periods.

As soon as your nett estate exceeds R3 500 000-00, the payment of estate duty becomes an issue (At a rate of 20% on any amount between R3 500 000 and R30 million. Any amount above R30 million will be taxed at 25%) If estate duty is already payable in your estate, or if you foresee that the growth in your estate will be such that estate duty will be payable unless alternate planning is done, you must immediately obtain advice so as to minimise the future burden on your estate.

A family trust is an effective estate planning tool and has various benefits depending on your personal circumstances, i.e.:

• Further growth of your assets will take place in the trust which is not affected by estate duty;
• Continuity in ownership;
• Protection against personal creditors;
• Flexibility in administration and distribution of the trust.