Our Practice Areas
TRUSTS
Trusts as a vehicle for estate planning and eventualities in accordance with the TRUST PROPERTY CONTROL ACT 57 OF 1988
The use of both Mortis causa trusts/Testamentary trust and Inter Vivos Trusts have been used for many years. The flexibility of these entities is used by the legal and accounting fraternity as well as the financial planners in the modern-day world of insurance and investments.
The use of trusts is often misunderstood and signed of as a complicated tool for the planning of death and taxes.
The now famous Parker v Landbank judgement has brought about a definite step to rid trusts of the much-debated abuse by individuals that do not truly understand the purpose and consequences of the setting up of these trusts, and more so managing them thereafter.
Sec 7(c) also added new accounting and tax requirements that could be costly if not managed correctly.
We offer a free first consultation to determine whether there is any need for adjustment to the trust or other financial implications surrounding the structure and set up of the trust like insurance cover, wills, or any other tax-savvy implementations.
Wills
With life’s ever-changing circumstances and possibilities, the most important document you can have is a well-drafted will in accordance with your estate planning needs. A will ensures that your hard-earned wealth and assets are administered in accordance with your will and wishes.
A will should be specifically drafted for your financial position, failing such will your estate might be administered in accordance with the Intestate Succession Act 81 of 1987, which could create financial problems for your loved ones.
A will can be drafted by anyone over the age of 16, keeping in mind that the requirements of the Wills Act 7 of 1953 should always be adhered to.
Having your will professionally drafted will also answer your questions on:
- Ex-Spouses
- Minor heirs
- Deceased heirs
- Insolvent heirs
- Heirs such as trusts, charity organizations and businesses
- Tax and financial queries
We offer a free will drafting services and a free first estate planning consultation that will guide you past all legal and financial hurdles.
INSOLVENT AND DECEASED ESTATES
Do you need guidance with your deceased estate administration?
As prescribed by law, an estate needs to be reported within 14 days after the death.
During which it needs to be established if the estate is a normal or a section 18(3) estate (Asset value of less than R250 000)
After this has been established, a lengthy administration process begins with collecting all assets and settling all debts to ensure all heirs receive their inheritance.
The passing of a loved one is a very difficult time, and the unnecessary stress and frustration working with foreign legal documents and government offices need not be your worry.
EXECUTORS GROUP will see to all your insolvent and deceased estates administration needs which includes but is not limited to:
- Accepting the appointment of agent/Executor for the administration of the deceased estate
- Compiling all the necessary documentation needed
- Interacting with the necessary government institutions
- Collecting all the assets
- Corresponding with all financial institutions
- Adhering to all legal steps and processes to finalise the estate in adherence with the Administration of Estates Act 66 of 1985
- Distributing inheritance to all heirs
- Corresponding with all creditors and settling all legitimate debts