Breaking news: the value of “section 18(3) estates” increased to R250 000 with effect from today

Breaking news: the value of “section 18(3) estates” increased to R250 000 with effect from today

All deceased estates need to be reported to the Master of the High Court before the administration thereof can begin.

Up until now, the Master of the High Court would issue Letters of Authority to the “Executor” of the estate, if the total value thereof was less than R125 000. The administration process thereafter is less complicated and in principal means that the “Executor” is entitled to collect all asset of the deceased, pay all debts and pay the balance out to the heirs. No cumbersome process of advertisements in the tabloids, no waiting periods, no lodgement of a Liquidation account with the Master of the High Court, etc.

The minimum amount has now been increased by Government to R250 000! This means that many more smaller estates no longer have to follow the more complex route of administration and can be wound up in a very short space of time.

The Administration Process of a Trust

The Administration Process of a Trust

Introduction Now that the Family Trust has been registered and the Letters of Authority been issued by the Master of the High Court, you need to start the administration process of the trust. The Trustees now have the authority to act on behalf of the trust: – Open a banking account – Register as aContinue Reading

How Lifetime Trusts work for your Family

How Lifetime Trusts work for your Family

In choosing to create trusts, many people overlook the value in creating a lifetime trust. Most would think it exorbitant or unnecessary to pay out a trust for such an extended period of time, but the reality is that it is one of the most secure ways of ensuring your family’s financial security in theContinue Reading

Trusts and examples of trusts: what they are and how they work

Trusts and examples of trusts: what they are and how they work

For advice on Trusts and Fiduciary services, click here. What are Trusts? A trust is a legal relationship between people, dictating the distribution of assets between them. Trusts are most commonly used to separate assets from your Estate, offering them protection from creditors and stipulating how they are administered. Since Trusts are a separate legal entity fromContinue Reading

Trust and Fiduciary Services: creating your Trust for asset protection

Trust and Fiduciary Services: creating your Trust for asset protection

Many people fear the possibilities involved in creating and growing their wealth and how it will be distributed following their death. These possibilities can include: Creditors ceasing your assets Your family becoming bankrupt Your heirs spending their inheritance unwisely Luckily, within Trust and Fiduciary services, you will be able to create a Trust for assetContinue Reading

Trust and Fiduciary Services: ever wanted to know happens to your Estate if you don’t leave a Will?

Trust and Fiduciary Services: ever wanted to know happens to your Estate if you don’t leave a Will?

Many South African’s remain ignorant of the possible ramifications of not drafting a final Will and Testament. Not drafting a Will, in the proper legal manner, can result in: The government allocating your Estate to the parties it stipulates to be most fitting, irrespective of your intentions Familial disputes over who gets what According toContinue Reading

What are Trust and Fiduciary Services?

What are Trust and Fiduciary Services?

Trust and Fiduciary Services have a variety of different applications. Creating plans and implementing them to safeguard your assets, secure finances for your loved ones and avoid unnecessary expenses all form part of Trust and Fiduciary Services. What are trust and fiduciary services? Trust and Fiduciary services are those related to personal assets with aContinue Reading

Death and Taxes: Ever heard of Estate Duty?

Death and Taxes: Ever heard of Estate Duty?

Benjamin Franklin once said there are only two things certain in life: death and taxes. Coming to terms with death and the afterlife should be left to metaphysics and theology. Coming to terms with the Tax you have to pay when you die is an entirely more straightforward endeavour. Throughout your life you will gatherContinue Reading

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