Testamentary Trusts
These trusts are also referred to as mortis causa trusts or
"will" trusts. These are trusts which are formed on the death of
the founder of the trust.
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Intestate succession
A person dies intestate if they die without a valid will. A person can also die partly intestate where they do not bequeath all of their assets in the will or if a part of the will is invalid.
Testamentary succession
There cannot be effective succession or estate planning if a financial planner has not considered the making of a valid will. An up-to-date and valid will allows the client to choose his beneficiaries and executors.
Failing to plan is planning to fail.
Administration of estates
The Master of the High court supervises this process
SARS
Upon death a person ceases to be a tax payer
Master's office'
A letter of executorship must be issued by the Master
Local authorities
Clearane certificates must be issued for the sale of property
Executors
Administration of Estates Act must be complied with
Estate Planning
Commercial soundness -
Include a strategy to ensure the growth and protection of a client's assets.
Estate Planning
Liquidity -
Provide for the income requirements of the beneficiaries.
Estate Planning
Minimalise all costs and taxes -
Ensure that all costs, including all taxes, are minimised.