Symbiotic relationships between Estate and Financial planners play a vital part in every client’s holistic Wealth and Fiduciary journey.

Estate planning involves many different facets but simply put it involves determining:

  • The extent and value of an individual’s assets
  • The extent and value of an individual’s liabilities (which, if necessary, includes maintenance obligations, be it from a divorce order or an agreement)
  • Calculating possible taxes, such as Donation’s Tax, Estate Duty and Capital Gains Tax

Then deciding how it will be preserved, managed (here one would also consider the possibility of you becoming incapacitated) and how it will devolve upon your death.

Factors to consider during an estate plan include:

  • Ensuring adequate liquidity in your estate to avoid force selling assets
  • Limiting estate duty
  • Considering the use of a Trust
  • Possible bequests to Charitable institutions
  • Ensuring your investments are structured correctly, here one’s eye should be on how your executor will need to deal with Offshore investments.
  • SITUS tax has become a reality with South Africa citizens placing funds offshore
  • Double Death duties have also become more relevant with offshore investing
  • Knowing exactly which Insurance or Retirement policies will play a role in calculating any possible estate duty liability

Other factors that influence your estate plane are:

  • Choosing a professional executor
  • Naming a capable and reliable guardian to your minor children
  • Setting out funeral arrangements