During challenging times of pandemic and lockdown, we are presented with a small silver lining. We have a chance to pause and evaluate our significant relationships and where we are in life. It’s a good time to reflect on how we want our loved ones to remember us and how we can benefit their lives.
Drawing up a will is an often overlooked part of one’s overall financial well-being. What should happen with your wealth and debts after you pass? How can your loved ones be benefited maximally and your debts settled with the least amount of fuss?
It’s a good opportunity to speak to a qualified and registered financial adviser/planner about the various options that settle debts (e.g. vehicle finance, home loans and mortgage bonds, etc), estate administration costs, cash needs immediately after death, and tax liabilities (e.g. individual income tax, Capital Gains Tax, Estate Duty, etc).
It’s a good time to review shareholdings and the business relationships you have. Different considerations apply if you are a sole shareholder and director in a company or close corporation. It’s probably necessary to review key-person and buy-and-sell insurance policies, to ensure that they provide the necessary cover and smooth transition for your business to continue trading.
Events that trigger the review of a will are usually the following:
birth and death in the family
marriage or divorce in the family
acquisition or transfer of a large asset
incurring or discharge of a large debt
Shaw Attorneys is able to assist you with reviewing or drawing up a will. We have established relationships with the Master’s Office and SARS in order to administer an estate as efficiently as possible.
The process of administering an estate is accomplished over five phases:
Reporting of estate to the Master
Advertising estate for creditors
Drawing up the Liquidation and Distribution Account (“L&D account”)
Advertising the L&D account for inspection
Distributing the estate to heirs
The administration process is often complex and time consuming, but Shaw Attorneys will provide understandable advice and explanations of the process. We are ready to consult with you and facilitate the process, so contact us on info@shawattorneys.co.za, 071 466 0319 or via WhatsApp.
NB: during lockdown, the Minister of Justice has allowed only essential functions to be done through the Master’s Office, which is otherwise closed.
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