Tag: deceased estate

Losing a loved one is hard. It’s even more difficult to deal with such a loss in the face of long and complicated estate administration processes. It can become emotionally and financially taxing. In South Africa, it is not uncommon for a deceased estate to take two to five years to finalise.

Get Your Will Right is a practical guide on what you should consider when drawing up your Will to reduce the cost of managing your estate. The book will guide you on how to structure your assets to minimise estate duty and will help your family with the process of finalising your estate, while highlighting the problems that could occur should your will be lost or incorrectly completed.

Purchasing a property from a deceased estate is no ordinary property transaction. While there might be a great opportunity to buy a home at an attractive price, it’s essential to understand the complexities involved, including the possibility of prolonged waiting periods.

The need for trust within the banking sector has, in recent years, never been more important than it is today. Recent times have seen the South African banking public being exposed to news of bank failures elsewhere and if that was not enough worry for the consumers, their stresses are further aggravated by their inability to meet their repayment obligations to their creditors brought about by the rising global cost of living crisis and the ongoing energy crisis.

Rather than conducting a proper investigation to trace who should be allocated a death benefit, a retirement fund decided to go “through the back door” and allocate the benefit to the deceased’s estate. This follows the decision of the South African Retirement Annuity Fund to pay a death benefit into the deceased’s estate following the death of its member.

The passing of a loved one is always a traumatic experience. Not being prepared for the financial realities can add more anxiety to an already painful and stressful time in your family’s life. According to Statistics South Africa, more than 70% of South Africans don’t have a last will and testament. I suggest that you get your estate plans in order as soon as possible. You never quite know when your time is up.

Between 70 and 80 percent of South Africans do not have a will to protect their loved ones in the event of their untimely death. Unfortunately, this will not only burden the surviving family members with unnecessary emotional and financial stress but will also delay them gaining access to their rightful inheritance.

Estate planning involves structuring and managing your assets while you are alive, and putting measures in place to ensure your wishes are carried out after you pass away. It also ensures that there are no unexpected surprises your family will have to deal with.

Digitisation and increased mobility in the workplace are making the world more accessible by the day. With a paradigm shift towards working remotely, many South Africans are looking for ways to do this while travelling the globe. An accompanying spike in people wanting to emigrate or find work overseas, means there are a lot of South Africans abroad, or on their way soon.

Estate planning means making a plan for taking care of your nearest and dearest and dealing with everything you own and owe when you pass away. A will or testament is a legal document where you leave instructions on how you want your family to be taken care of, and who will inherit assets like property, jewellery, cars or investments that you own.