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Estate planning is the process of arranging and managing your estate during your lifetime. Upon your death, your estate will be transferred in accordance with your wishes. The ‘estate’ comprises of the assets and liabilities that the estate planner has acquired during his/her lifetime, and which will be left behind at his/her death. Estate planning should take into account the estate planner’s financial, economic, social and psychological needs in relation to his/her estate, the family and the beneficiaries. A few functions of estate planning: • To ensure that the winding up of the estate takes place efficiently; • To appoint heirs and legatees of choice and distribute assets according to the estate planner’s wishes; • To provide liquidity which ensures that there are sufficient cash funds available in the estate to pay estate duty, settle liabilities and administration costs; • To provide for dependants and protect children’s beneficiaries; • To provide for an estate planner’s own set of circumstances; • To decide whether to execute a living will; • To minimise costs. Trusts as a financial and estate planning tool: A trust is an arrangement that allows someone (a trustee) to hold assets, without owning them, for the benefit of the trust beneficiaries. The use of a trust offers dual functionality by protecting assets as well as creating certain taxation benefits: • Setting up a trust for a mentally disabled or incapacitated person allows for safe custody of the assets and at the same time benefitting from lenient tax treatment in terms of income tax and capital gains tax. • Setting up a testamentary trust for the benefit of minor children provides some income tax benefits, and prevents any funds from being held by the Guardian’s fund on the minor’s behalf. • A discretionary trust (gives trustee discretionary powers as to how and when to allocate income or capital of the trust to the beneficiaries) may enjoy creditor protection in the case of an estate planner or beneficiary’s insolvency. • Where an asset was transferred to the trust while the estate planner was solvent, a creditor would have difficulty setting the trust transaction. • Protection is afforded to those assets where the insolvent has no vested rights (the benefits vest in the beneficiaries but are administered by the trustees). ___________________________________________________________ Hi, I’m Kailash Pillay, an attorney from the city of Johannesburg. My passion for the law stems from a desire to improve upon the lives of the vulnerable who fall prey to a corrupt system. I studied at the University of Johannesburg where I obtained my Bachelor of Laws degree, the starting point to the long journey of becoming a legal practitioner. This profession has taught me to persevere through the complexities of the law and to continually develop my skills as a legal professional.
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An application to the Magistrate by means of an affidavit by the trustee of the estate, a warrant for the search for certain property or content that is suspected to be concealed.
Endorsement of title deed where the heir cannot without hardship pay costs of transfer.
Application by the executor of a late estate where a testamentary trust was created.
Application by the executor of late estate for the endorsement of the terms of will against the title deed.
Clauses regarding the transfer of property when there was no will stipulating the details of the disposal of the property in terms of a law.
Clauses regarding the transfer of property when there was a joint estate and a will stipulating the details of the disposal of the property to a recipient.
Notice to debtors and creditors calling all persons who have a claim against the deceased estate to bring forth their claims.
Cession (passing over) of rights to the estate in terms of a will of the deceased.
Release of a debt due by a deceased estate
Mutual will by husband and wife married in community of property; provision for the massing of both estates; massed estate to the survivor until death; estate to be divided equally among children on death of survivor; provision for event of both testators dying at or about the same time; provision for minor children
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