Monthly Archives: April 2014

Estate Planning: A few things to consider

Estate Planning: A few things to consider
  • What assets do you actually own?
  • What are your backup plans for any given scenario?
  • Who are your heirs? What are their needs?
  • How are you minimizing tax deductions?
  • Do you have an effective will in place?
  • Who is administrating your affairs?

Estate planning: Your assets

Create an inventory of everything of you own. Make sure you account for everything, otherwise it might not end up in the hands you intended it to.

Estate planning: Your backup plans

What would happen to you if you became disabled? If you were put in a coma? On life-support? Create a contingency plan for every possible scenario, and make sure it’s in your will (see Estate Planning: Your Will).

Estate Planning: Your heirs

Who are the heirs to your estate? Have you considered the best interests of every one of your children? Of your wife? All your heirs have different needs, make sure you have accounted for this.

Estate planning: Paying tax

Have you considered all the different taxes you have to pay on your estate? By law you are required to pay duties on your estate, as well as capital gains tax on certain assets. Make sure you have accounted for this, and have a strategy in place to minimize the effects thereof, otherwise you may leave your heirs with less than you thought.

Estate Planning: Your will

Do you have an effective will in place? Your will carries all your last wishes and plans. If your will is not comprehensive, you will see a lot of the above planning unravel at the last minute. Make sure you account for everything in your will to see your heirs inheriting their just deserves.

Estate Planning: Your Administration

Have you appointed an executor for your estate? Appointing someone you trust, who is also capable, is a big decision to make. Make sure your executor is capable of handling your affairs once you pass on.

Crest Trust can help you effectively plan your estate. Contact us today and we’d be happy to advise you on the best course of action.

The purpose of Trusts in your Estate

The purpose of Trusts in your Estate

Creating Trusts have a number have different applications for your Estate. Choosing the correct Trust structure and allocating a Trustee can be a difficult thing to get right, but Crest Trust is here to help you on your journey. A trust can be used as: A legal instrument to divide your assets A way toContinue Reading

The Estate Planning Process

The Estate Planning Process

In undergoing your Estate Planning there are a variety of different things to take into account. Planning for your Estate is one of the most important things you can do in your life and getting to the know process beforehand can really help you to think about the most difficult decisions you have to make.Continue Reading

Wills and Testaments: The process

Wills and Testaments: The process

Professional advice is necessary in creating your Will. Your will protects your family and estate following your death. Your will needs to be updated in order to remain relevant. Wills and Testaments: Professional Guidance There are many finer points to consider when creating a Will, many of which will never occur to you. Firstly, aContinue Reading

Tax and Inheritance

Tax and Inheritance

There’s no need to stress about tax and inheritance No tax is payable on an inheritance Tax is deducted from the estate when the estate is liquidated An executor administers the tax payment via estate duty Estate duty is payable at 20% of the estate’s taxable worth, once deducted by R3.5 million   Worrying aboutContinue Reading

Filed Under: Tax

Revocable vs Irrevocable Trusts

Revocable vs Irrevocable Trusts

In setting up your trusts, you will be faced with a choice between revocable and irrevocable trusts. As the name would suggest, revocable trusts are trusts that can be changed and restructured once they have been set-up, whilst irrevocable trusts cannot. There are a variety of different reasons as to why you would select oneContinue Reading

Wills and Testaments: Why you need one

Wills and Testaments: Why you need one

 To choose how your estate will be divided. To choose your heir/s. To appoint trusted executors to administer your estate. To ensure the longevity of your family following your death. To avoid lengthy delays in the administration of your estate following your death. Not having Wills and Testaments can lead to family feuds as peopleContinue Reading

Issues surrounding Estate Tax and Inheritance

Issues surrounding Estate Tax and Inheritance

Estate Tax can come in a variety of different forms, each affecting your Estate differently. This includes Tax and Inheritance, Estate Duty and Capital Gains Tax. Knowing what Taxes you are liable to pay, and how to minimise deductions to your Estate, is crucial to ensuring your heirs get the maximum possible inheritance from yourContinue Reading

Filed Under: Tax

Estate Planning: Some Finer Points to Consider

Estate Planning: Some Finer Points to Consider

In Estate Planning, there are many things to take into account. Some things may seem trivial, others you may have simply forgotten about, but planning for every little thing you own, and dividing your Estate equally, can really save your family a lot of additional stress! Things like: Personal effects: all your personal belongings areContinue Reading

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