How to Wind Up a Deceased Estate
Winding up an estate in South Africa is a meticulous process governed by the Administration of Estates Act 66 of 1965. It involves the collection and distribution of a deceased person’s assets, settling debts, and ensuring that the estate is managed according to the law and the deceased’s wishes. This article outlines the steps involved […]
HOW TRUSTS PRESERVE GENERATIONAL WEALTH
The estate duty savings are compounded over several generations. Articles on trusts are often aimed at settlors or donors to highlight the benefit of trusts and the role they play in estate planning at the ‘first-generation’ level. In this article, the author aims to illustrate to second-generation beneficiaries the effect of the decisions their parents […]
EVERYTHING YOU NEED TO KNOW ABOUT SURETYSHIP AGREEMENTS
A deed of suretyship is an agreement that is concluded by a creditor and a third party. The essentialia of this type of agreement are that the surety (third party) undertakes to be liable to the creditor for the due performance by the debtor of his or her obligations in terms of the principal debt. […]
SO WHAT IS THE FUTURE OF TRUSTS?
One of the questions that we are most confronted with by our clients is what the future of trusts are in South Africa. Some questions even point to the misconception that the trust instrument itself as legal form is on the verge of being scrapped in South Africa altogether!The current debate raging is not at […]
ADVANTAGES AND DISADVANTAGES OF TRUSTS
Trusts have various advantages, but unfortunately there are also disadvantages. Although this is not a complete synopsis of all the pros and cons, our experience may assist you in making decisions about Trusts. Advantages: Growth taking place in the Trust assets settles in the Trust and not in your personal estate. By selling the assets […]
Trusts: Beware of interest-free loans
Major tax implication for Trusts (1 March 2017)The 2016 Draft Tax Amendment Bill introduces a new section to prevent Estate Duty and Donations Tax avoidance through the transfer of assets to a Trust on interest free loan account. Many trusts have acquired assets via a related party loan account (as opposed to a donation subject […]
ADVANTAGES AND DISADVANTAGES OF TRUSTS
Trusts have various advantages, but unfortunately there are also disadvantages. Although this is not a complete synopsis of all the pros and cons, our experience may assist you in making decisions about Trusts. Advantages: Growth taking place in the Trust assets settles in the Trust and not in your personal estate. By selling the […]