Professional Services
Estate Administration and Estate Planning
What is estate planning and why do you need it?
It’s a serious subject – but how many of us take it all that seriously? So, what is estate planning really all about and why should it matter in your life, perhaps even a lot sooner than you think it should?
What does ‘estate planning’ mean?
An estate plan is designed to preserve and legally protect assets, during a person’s lifetime, so that the subsequent distribution of these to succeeding generations is effective. The objective is to ensure that loved ones are taken care of as per a person’s specific wishes. And last but the most important concern for everyone – Estate Tax and Capital Gain Tax.
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What is an estate?
The assets and liabilities that you accumulate during your lifetime. These include things like your banking accounts, investments, car, home, furniture, valuable jewelry, artworks, and other personal possessions. Just about every adult has an estate. An estate is not defined by a set amount of wealth. You can have a modest amount of assets or many components. Rather, it is defined by what you have in your name.
Who should consider developing an estate plan?
Any person who wishes for their assets to be transferred to one or more loved ones should consider an estate plan. For anyone who is married or has been married, has children, including those from different relationships, or relatives that are financially dependent on them, estate planning is especially important to consider,
and determine the distribution and heirs/beneficiaries of your estate. This outcome could be very different to what you’d have chosen while alive. By being involved in the process of estate planning, you can avoid the likelihood of financial uncertainty or even legal hassles that can sometimes happen when no estate plan is in place.
When should you start and what should you consider?
The sooner you start with an estate plan, the better. Estate plan, testament, and will be revised once a year, or when a significant change happens.
Testament and Will
A last will and testament is a legal document that controls how most of your property and obligations are distributed after your death.
There are specific requirements a Will and testament must comply with which are regulated by the Wills Act 7 of 1953.
Let us draw up your testament and make sure all legal requirements are taken care of when drafting your will and testament.
To start the process, we will need the following:
- ID
- List of Assets (properties, vehicles, furniture, jewelry, investments etc.).
- Your Beneficiary details.
- How you wish to divide your estate.