WILLS & TRUSTS
Your will
“If there is a will, there is a way.”
The implications of not having a valid will in place can be disastrous. Without a will you die “intestate” which is senseless and it is far preferable to make your wishes simple and clear and to leave a legacy.
Depending on the complexity of your estate, be mindful as to who to appoint as a capable executor to do as follows –
- Collect all assets of the deceased (fixed / movable / policies / etc)
- Collect all debts against estate – and to settle once they have been verified
- Dividing the balance of the assets amongst the rightful heirs
It must be noted that NO beneficiary to a will can sign as a witness.
YOUR SOLUTIONS
Consider Trusts
Trusts differ in the nature of the rights to be enjoyed by the beneficiaries thereof. Here is a summary of these types and the purposes for each allowing for a saving on Estate Duty and the donation of assets:
Discretionary Trust
- The sole discretion to allocate income or capital lies with the trustees.
- The beneficiaries have no right thereto.
Vesting Trust
- A beneficiary has the right to receive income or capital or both.
“Bewind trust”
- The beneficiary become the owner of the assets in the trust when it is created.
- The control and administration of assets is transferred to the trustees for a certain time or until a certain event occurs.
Special Trust
- Are established for the benefit of disabled adults or minor children.
- These are taxed at the same rates as which would apply to individuals.
