A bequest to your divorced spouse in your will, which was made prior to your divorce, will not necessarily fall away after divorce. According to the Wills Act 7 of 1953, unless expressly stated otherwise, a bequest to your divorced spouse will be deemed to have been revoked should you die within three months of your...Read More
“No one can confidently say that he will still be living tomorrow” (Euripides) We will all die. We have limited control over what will eventually kill us and when, but there is something that we can do now, whilst we are still physically and mentally capable of doing so, to express our wishes as to...Read More
Life Partnerships, sometimes referred to as common law marriages, are not recognized as a legal relationship by South African law. These types of relationships involve the same sentimental ideas as a marriage would have, however they do not share the same legal consequences. Life partnerships usually refer to people who, regardless of gender, live together...Read More
Effective 1 March 2017, section 7C put a stop to the well-used technique of shifting value to trusts using interest-free orlow interest loan accounts, which pegged the value of the asset transferred, thus avoiding estate duty on future asset growth. Section 7C deems interest to accumulate on the difference between the interest charged and the official...Read More
A Supreme Court of Appeal (SCA) decision below illustrates how essential it is, before getting married, to have your lawyer structure your antenuptial contract (ANC) correctly, and with as much detail as is needed for certainty. A multi-million Rand fight over trust assets A divorcing couple had married and divorced three times. They had in respect of...Read More
A Supreme Court of Appeal (SCA) decision below illustrates how essential it is, before getting married, to have your lawyer structure your antenuptial contract (ANC) correctly, and with as much detail as is needed for certainty. A multi-million Rand fight over trust assets A divorcing couple had married and divorced three times. They had in respect of...Read More
If your aging parents have asked you for help with making decisions as to their personal welfare, financial affairs, medical treatment and so on, asking them to sign a power of attorney in your favour may be the answer. Just be aware that it is only a temporary solution. Let’s firstly distinguish between the two types...Read More
If your aging parents have asked you for help with making decisions as to their personal welfare, financial affairs, medical treatment and so on, asking them to sign a power of attorney in your favour may be the answer. Just be aware that it is only a temporary solution. Let’s firstly distinguish between the two types...Read More
There are two types of special trusts recognised for tax purposes in the Income Tax Act. The first type of Trust is referred to as a Special Type A Trust. This is a Trust created for the benefit of a person or persons with a disability as defined in Section 6B(1) of the Income Tax Act. “Disability”...Read More
