Port Elizabeth Fiduciary Practitioners.
The estate planning process involves the structuring of assets in the most tax effective way in order to ensure protection and preservation of assets from one generation to the next.
A will is an important document that stipulates who will get your asset after your death. Without a valid will, your assets are distributed according to the law of intestate succession, which might leave your loved ones without access to the funds for months or even years. The key to an efficient and seamless estate and executorship is a thoughtful and carefully drafted Will.
This include the process and steps that must be followed when managing or administering deceased person estate. In the unfortunate events of a loved one pass away. The administration process ensures all the terms of the deceased last will and testament are carried out correctly. The process itself is highly technical because each individual’s assets, family wishes and circumstances are different. As a result , the estate administration process usually requires professional expertise.
Deceased can decide to form a trust during his lifetime (Known as Inter vivos Trust) or the deceased can decided to form a trust on his or her will (Known as testamentary trust). Trusts provide the following benefits:
If you are a member of a retirement (pension, provident, or retirement annuity fund) and have minor dependants, chances are that the trustees of the fund will pay any benefit from such fund for the benefit of such a minor into a beneficiary fund.
Most of the times you will find out that the deceased was a director and also a shareholder in a company . As a administrator or advisor of the deceased person estate you need to ensure proper closure of the company books and arrange the necessary hand over of the companies book to the new directors or shareholders of the company. The deceased on his personal capacity you may find out that he or she was registered for income tax with SARS. As a administrator or advisor of the deceased person estate you need to ensure proper closure of the deceased tax affairs with SARS.
During the life time and after the life time of the deceased person tax planning need to ensure that minimum tax is paid by the deceased.
