What is Estate planning?

Estate planning is an exercise that ensures that all your property and deemed property is properly, effectively and as efficiently as possible (tax and otherwise) transferred to your loved ones upon your death per your wishes. It is thus much more than a mere plan to save tax and should be reviewed regularly.

PROPERTY - Immovable Assets; Movable Assets, Business interests; Investments; Cash and Proceeds from life policies that pays to your estate.

DEEMED PROPERTY - Policy proceeds which pays out to another natural person/legal person/trust(s); Unapproved group life fund benefits and Accrual claims in your favour.

Benefits of a holistic Estate- and Legacy Plan

A comprehensive Estate- and Legacy plan can give effect, regulate and structure the following, regardless of your age, the complexity, or size of your estate:

• Ensure that the minimum costs will be experienced from tax, estate duty and executor’s fees. (for example, by reduced executor fees that are pre-agreed upon)
• Identify anticipated additional costs to be paid from the estate such as estate duty, capital gains tax and possible claims against your estate as result of guarantees signed by you and creating liquidity for these liabilities.
• Protect assets after your death. ➢ Make sure that your estate is administered correctly and in an effective and timely manner.
• Ensure that your heirs will enjoy maximum benefit from the legacy you have left behind and that the provision made for them is adequate and sufficient.
• Ensure that your business continues.

Factors influencing a holistic Estate- and Legacy Plan

A comprehensive Estate- and Legacy plan should take the following into account:

• Changes in your personal and financial situation
• Purchasing of assets ➢ Selling of assets
• Changes in legislation (budget speech, tax changes etc.) It is important that you review your plan at least on an annual basis to ensure that it is still in line with your wishes, needs and objectives.

Elements of a holistic Estate- and Legacy Plan

The following elements should form part of your holistic Estate- and Legacy plan:

• A properly drafted will that is executable
• A Trust in particular instances that complies with legalities and of which the trust deed are customized according to its purpose
• Risk planning (death, disability and critical illness) in a comprehensive manner to ensure all risks are addressed in the most efficient manner in collaboration with your financial advisor. Don’t have an financial advisor? We can find one for you.
• Business succession planning
• Investment planning
• Retirement planning
• Planning your will and bequests
• Planning the administration of Trust assets to benefit the right Beneficiaries
• Policy administrative services (determining who beneficiaries, owners, payers of insurance policies must be)
• Tax planning and advice (working hand in hand with your auditor and financial planning). Don’t have an auditor? We can find one for you.