THIS IS A BOOK THAT ANYONE WITH ASSETS SHOULD READ

Discretionary Living Trusts A legacy for generations

Written by Trust Specialist, Mervin Messias, it is the culmination of knowledge and expertise that has been acquired over many years’ study and practice of Trust law.

The author recommends the use of Trusts as part of estate planning because they provide solutions to many potentially complicated problems related to asset protection, succession planning, and disability protection. Many little-known benefits of Trusts are revealed to help protect your hard-earned wealth for generations to come. A Trust circumvents the whole process of winding up an estate, together with its potential delays, hassles and frustration.

In fact, a Trust deserves pride of place in any estate plan. It means business as usual, even after death, with no executor, executor’s fees or estate duty.

Read all about it!



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    Estate Planning Questions

     

    Estate Planning Questions

    Estate Planning Questions

    Estate planning cannot be neglected or postponed, especially during the COVID-19 pandemic. You may have some important estate planning questions that need to be answered before you decide to go ahead and create an estate plan. A Trust Specialist can help answer your questions. Find out more below.

    Here are some common estate planning questions that you may have:

    What are some of the benefits of a properly drafted will?

    • A will that has been properly drafted provides your loved ones with clarity, hastens the administration process and prevents conflicts and disagreements.
    • With a properly drafted will, you can make sure that your loved ones are looked after in financially savvy ways.
    • A properly drafted will guarantees that your wishes are carried out exactly as you want.

    Which people witness your will?

    Anyone who is 14 years or older can witness a will, as long as they are of sound mind and able to understand the consequences of their actions. Note that two people must witness your will.

    When do you need to update your will?

    Updating your will is necessary when your life circumstances change, such as when you get married or give birth to your child.

    What is a codicil?

    A codicil is an official alteration to your existing will. It is easy to add a codicil to your will. Note that a codicil has to comply with the same validity requirements as a will. Do not add too many codicils to your will because this might create confusion.

    What should you know about choosing an executor?

    The executor is responsible for winding up your estate properly. It’s important to note that the executor’s tasks are not simple. Before you go ahead and choose a family member to be the executor, you should consider whether he/she is able to fulfil this role.

    Preferably, the executor should be someone who specializes in deceased estate administration. The executor should ideally be an expert in the field, and he/she needs to be impartial and objective.

    Appointing an executor together with a surviving spouse is a possibility.

    Do you require a separate will for your foreign assets?

    Determining if you require an offshore will for your foreign assets does depend on the type of assets that you own, as well as the location of the assets. Do you own foreign immovable property or do you have shares in an overseas company? You may require a foreign will to deal with these assets.

    Get in touch with me today. I am happy to answer any of your estate planning questions that you may have. Estate planning is necessary for every single person, and cannot be put off. I am available to consult with my clients, and I look forward to meeting with you and answering all your questions regarding estate planning.

    DR MERVIN MESSIAS

    JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)

    Make an appointment with my Executive Assistant, Jutleth Mkhonza. Email  julie@mmtrustspecialist.co.za or call +27 (0) 11 783 0108.