KC Trustees Pty Ltd

Warren Buffett shares details of his will—2 key lessons you can learn, 'whatever your wealth level' Warren Buffett's proactive and flexible approach to estate planning is worth emulating at any wealth level, experts say.

https://www.algoafm.co.za/domestic/master-s-offices-in-shambles-causing-months-even-years-long-delays?fbclid=IwAR1Os7i4vXtTtoBcdMjlJSIo_eXPjeyqTPSuinm1htJ0kArRNBZcjuN-SjU

Master’s Offices in shambles causing months, even years long delays Lawyers complain that the offices of the Master of the High Court are increasingly dysfunctional. As a result, people are unable to tie up deceased estates, set up or liquidate trusts, or appoint overseers of trusts and estates among other legal procedures.

Life policies make excellent estate planning tools, especially when it comes to providing liquidity in your estate and making financial provision for your loved ones – although their effectiveness is dependent on correct beneficiary nomination. As an example, if the purpose of the life policy is to provide liquidity in your estate, it would be appropriate to nominate your estate as the beneficiary of the policy, which will ensure that, in the event of your passing, the proceeds of the policy will be paid directly into your deceased estate. Having said that, keep in mind that the proceeds of a life policy are considered deemed property in your estate and will be included for estate duty calculation purposes.

While many people think that drawing up a will is a one-time task, this isn’t how estate-planning tools should be used. Life is unpredictable, and our relationships and preferences can change over time. If your will was written some years ago, it is crucial to inspect this and other estate-planning documents and ensure the contents still reflect your wishes.

The best person to draft your Will is someone who has already finalised various deceased estates. The drafter has to be a person who understands exactly what the consequence of each sentence will be at ex*****on stage ie after the persons death. A Will is not such a standard document as it may seem. It also has to be drafted in the most tax efficient way while still giving effect to the Testator's wishes accurately.

if you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed

If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be the way that you would have wished your money and possessions to be distributed.

Minimum experience of at least 5 years required in the administration of deceased estates.

ON EXECUTORS BASED OUTSIDE SA: If the person you have appointed as your Executor resides outside of South Africa, this may cause unnecessary delays and costs to your estate. In most cases, the Master will request a non-resident Executor to provide security for the value of the estate (which must be in the form of a bond of security) before the Executor’s appointment is confirmed. This, together with the costs of notarising foreign documents, will incur unnecessary expenses in the estate. If the Executor you have nominated in your will has subsequently emigrated from the country, or live abroad, now is a good time to amend your will and nominate someone who is locally based.

Although almost any person can be appointed as an executor of an estate, he or she will soon discover that there are specific statutory requirements that should be met to bring together an account. Comprehensive knowledge of multiple aspects over a broad spectrum of subjects is required.

Being an Executor takes time and energy, and requires a lot of attention to detail—in fact, it is almost solely concerned with details. Before you agree to be an Executor, you should be certain that you have the time to do the job. If you have a busy professional life or a lot of family commitments, it may be difficult to set aside the needed time.

A Trustee have to act with the skill, care and diligence expected of a person managing the affairs of another..