Fiduciary and Estate Planning
Our experienced team, which includes lawyers, accountants and fiduciary practitioners concentrates exclusively on formulating and implementing creative and proactive strategies to transfer resources and preserve capital for clients and their families. We have been involved in this field for over 15 years. We are members in good standing of the Fiduciary Institute of South Africa and as such we are governed by its Code of Ethics.
A. Wills
The services we render in this regard are:
• Drafting Wills
• Drafting Codicils / Amendments to Wills
• Providing advice on the most tax-efficient way to bequeath your assets to your beneficiaries
• Regular review of Wills to ensure that the wishes of the testator are met and also to ensure legal compliance.
B. Co-Habitation Agreements
When you choose to live with your partner outside of marriage, it is important that you formally regulate the issue of property acquired before the co-habitation, property acquired during the cohabitation – either jointly or individually. In this connection, we can assist by drafting Co-Habitation Agreements, Life Partner Agreements, etc.
C. Trusts
In appropriate circumstance, Trusts are an important tool in estate planning and asset protection. The services rendered in this regard include:
• Drafting and registration of Testamentary Trusts
• Drafting and registration of Inter-Vivos Trusts
• Drafting and registration of Business / Trading Trusts
• Drafting and registration of Special Trusts (to cater for needs of physically disabled and minor beneficiaries)
• Advising on Trust Governance to ensure adherence with Trust Deed, Trust Property Control Act and common law
• Taking up appointment as independent Trustee, where required
• Conducting training on Trusts, such as Trustee and Beneficiary Training
• Periodically reviewing Trusts to ensure compliance with legal requirements.
D. Administration of Deceased Estates
Contrary to what some might think, the administration of deceased estates is a long-drawn out and complicated exercise. Entrusting the
winding up of your deceased estate to an experienced professional is therefore highly recommended.
In this regard, we can assist you by either taking up appointment as executor or acting as agent of the executor.
The scope of services that we render entail:
• Reporting the death of the deceased testator
• Applying for and obtaining Letters of Executorship
• If there is a Will, assessing and advising on the validity of the Will
• Identifying and taking control of the assets of the deceased
• Identifying and communicating with the creditors of the deceased
• Identifying and communicating with the heirs of the deceased
• Identifying and placing valuations on assets in the deceased estate
• Placing advertisement notifying of the death of deceased and inviting creditors to lodge claims
• Ascertaining liquidity and solvency of the estate
• If necessary, realising assets to settle estate debts
• Completing and submitting final tax returns of the deceased with SARS
• Establishing Capital Gains Tax implications: ascertaining base cost of estate assets and calculating capital gains tax liability of the estate
and payment thereof to SARS
• Calculating estate duty liability of the estate, having taken into account all relevant deductions and paying same to SARS
• Where called for, drafting Redistribution Agreements among estate heirs
• Drafting Liquidation and Distribution Account and ensuring approval thereof by the Master of the High Court
• Arranging for payment of estate creditors
• Arranging for transfer of bequests / inheritance to relevant beneficiaries
• Where immovable property is involved, arrange for registration of transfer of such into the name of beneficiaries at the Deeds Office
• Once estate is finalised, obtain formal discharge by the Master of the High Court.
with Trustees and Liquidators to protect the rights and assets of insolvent persons
©Copyright Lex24 Pty (Ltd) 2020 (All Rights Reserved)
©Copyright Lex24 Pty (Ltd) 2020
(All Rights Reserved)