Trusts and Family Wealth
Passing wealth from one generation to the next is no longer a simple administrative exercise. Families today live longer, own more complex assets, and face evolving tax and legal environments. Against this backdrop, estate planning has shifted from short-term succession planning to long-term stewardship. One structure continues to feature prominently in this conversation: the living […]
When Is a Trust Not a Trust?
When can the provisions of a trust deed be set aside? When you don’t stick to the rules. Far too many people pay their accountant or attorney a visit, draw up a boilerplate trust deed, sign on the dotted line, and think that this piece of paper will take away all their tax and estate […]
The Impact of Recent Companies Act Amendments on Audit and Review Requirements for Close Corporations
Under the amended legislative framework, members of a close corporation are now required to prepare annual financial statements (AFS) within six months after the financial year-end. This timeline was shortened from the previous nine-month period due to the incorporation of relevant provisions from the Companies Act into the Close Corporations Act 69 of 1984. Section […]
Sale of Immovable Property from a Deceased Estate
When an executor has been appointed by the Master through the issuance of Letters of Executorship, their primary duty is to finalise the administration of the estate as soon as possible. This includes taking control of the deceased estate assets, selling them if necessary to pay all estate liabilities, administration costs and estate duty (if […]
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
Understanding Estate Massing in Community of Property Marriages
In community of property marriages, spouses often combine their estates, or mass their estates, to ensure that certain assets go to specific beneficiaries. This is done while still ensuring the surviving spouse’s welfare and protecting assets from being misused after the first spouse passes away. This article will explain the necessary conditions for this estate […]
Can You Inherit from Someone You Have Merely Been Living With?
In South Africa, the number of couples who are permanently living together in life partnerships is increasing every year. What are the consequences that would ensue if either of the partners in the relationship dies without a will? Should a surviving partner in such a scenario have a claim for inheritance or maintenance from the […]
Navigating the amendments to the Trust Property Control Act: Beneficial ownerships in South Africa
The Trust Property Control Act, a key piece of legislation governing South Africa’s trusts, recently underwent a substantial transformation with the passage of the General Laws (Anti-Money Laundering and Combating Terrorism Financing) Amendment Act. This regulatory overhaul was aimed at strengthening the country’s trust governance, a direct response to its greylisting status, and has significant […]
Estate planning in South Africa: Essential questions answered
Estate planning in South Africa: Essential questions answered Estate planning is a critical part of financial planning, yet it often gets overlooked. This process involves drafting a will, assigning assets to beneficiaries, and understanding how a deceased estate will be administered. To shed light on this topic, here are answers to some frequently asked questions […]
Transfer duty – No surprises: Part 2
The Transfer Duty Act 40/1949 (“the Act”) states that transfer duty (duty) is to be levied on any property acquired by any person by way of a transaction. The Act is clear as to whom and by when the duty is to be paid. It states that the duty shall be payable by the person […]