Divorce – accrual – living annuities an asset in the estate

In the case of CM v EM it was held in the Supreme Court of Appeal of South Africa (“SCA”), case number 10861/2018, that: “The value of the Respondent’s right to future annuity payments in respect of Personal Portfolio Living Annuities (“the living annuities”) from Glacier Financial Solutions (Pty) Ltd, a member of the Sanlam Group, is […]

Failure to plan your estate is planning to fail

We’ve all seen it in movies and novels: A young unsuspecting person wakes up one day to find out that they had been left an extraordinarily large estate from a distant relative that they hardly knew existed. We chalk it up to an absurdity. Something like that would never happen in real life, would it? […]

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) – This […]

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 […]

Administering of an estate

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 […]

Using a trust for estate duty purposes

Trusts are popular mechanisms through which individuals often structure their affairs to ensure efficient administration of their estates when they should one day die.  One of the many advantages of using a trust is of course that it continues to ‘live on’ despite the fact that any one individual may have died.  This in itself […]

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 […]

Have you ever done your estate planning?

If you have never planned your estate, perhaps now is a good time to consider it. This will be to everyone’s benefit, as there are often hidden costs which come into effect at the time of passing, that are not taken into account when you plan your estate and inheritance. These expenses include the following: […]

Dealing with marriage and estate planning

It is important to understand the legal implications of the marital property regime, especially when drafting a Last Will and Testament and also when entering into a marriage, as the regime chosen by the estate planner is going to affect his/her assets. The most important forms of marriage are: marriage in community of property, marriage […]

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 […]