The Costs of Deceased Estates Explained
An important function of an executor, the person who is appointed by the Master of the High Court to administer a deceased estate, is to account for the liabilities in the estate of the deceased. Keep in mind that only once the liabilities in the estate have been discharged can the heirs receive their inheritances. […]
The benefits of creating a trust
Trusts are well-known to facilitate effective estate planning and continuity planning strategies. That said, setting up a trust – whether an inter vivos (between the living) or a testamentary (created in a will) – should be carefully considered and not just implemented blindly. The difference between testamentary and inter vivos trusts A testamentary trust 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. […]
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: […]