Symbiotic relationships between Estate and Financial planners are a vital component in offering the client wealth generation and preservation solutions.

During a person's lifetime, Estate Planning is the process of arranging for the management and disposal of that person's estate at and after death. The key objective is to make the client aware of the implications of his decisions and what effect it will have on his estate as it pertains to the various forms of tax such as donations, capital gains tax and primarily estate duty.

Many clients are reluctant to pass on their duties and responsibilities of being nominated as the executor in an estate, to a third party, especially when this responsibility was bestowed on them by a loved one.

The Master of the High Court is strict on the qualifications of the nominated executor and is reluctant to appoint unqualified parties as an executor. The Master will consider appointing that person provided he is assisted by a competent person.

Whilst BEXs is of the belief that an executor or his agent should undertake the end to end process, we acknowledge the clients deep founded respect for his appointment and that he wants to honour the undertaking he made during their loved one’s lifetime.

BEXs is willing to render “service on demand” to any client on the signature of a letter of engagement. Please contact us for more details.

The estate of any deceased person must be administered and distributed in terms of the deceased's will, or failing a valid will, in terms of the Intestate Succession Act, 81 of 1987. The procedure that must be followed, is prescribed by the Administration of Estates Act, 66 of 1965 (as amended).

The administration of trusts is governed by the provisions of the Trust Property Control Act no 57/1988. There are two types of trust, namely

  • an inter- vivos trust created between living persons;
  • a testamentary trust derives from a valid will of a deceased*

Nominating a skilled trustee, is the single most important step in your decision to form a trust, and to ensure that the Trust is managed according to current legislation and best practices and with the necessary independence that will ensure you are at arm's length from the day to day trust operations. Trustees need to stay abreast with ongoing legislative changes such as Section 7(c) of the Income Tax act, which affects loan accounts to trusts, Capital Gains Tax (CGT), Donations Tax and the deeming provisions in Trusts.

* As extracted from the Department of Justice & Constitutional Development (Master of the High Court) website.

Any person who has assets (such as fixed property) or dependents, should have a professionally drafted will. A poorly planned and drafted will could lead to litigation or impractical administration problems, such as, a cash shortfall (where assets need to be sold in order to pay debts and administration expenses) when you are no longer alive. Apart from the stress on your family it often comes with unnecessary costs.

Not having a will (dying intestate) can similarly bring hardship to your family, with the unintended beneficiaries inheriting. Second marriages, where there are children from a previous marriage, often cause discord after the death of a client. Professional estate planning advice and an expertly drafted will is vital.

Ill-conceived or thought out wills can result in added delays in the administration process and bring with it, added administration expenses which will affect the amount your beneficiaries will inherit.

We at BEXs are fully able to render this service.

The arm's length principal (ALP) is the condition or the fact that the parties to a transaction should be independent and on an equal footing. Such a transaction is known as an "arm's-length transaction."

We recommend appointing a professional independent trustee with wide ranging fiduciary experience to your trust as this will ensure that all decisions are truly independent. BEXs has the expertise to fulfill this role.

Should the original will be misplaced or lost, the costs of having a certified copy of a will accepted as the original is in the hands of the High Court and is an expensive exercise. Ensuring that your original last will and testament is safely stored and readily available for interested parties when it is needed, is the sensible thing to do.

We at BEXs have the necessary facility to store your original last will and testament.

  • One of our core values is client education and in support of this we refer you to our client education section where we regularly update articles of interest.
  • We will gladly do a presentation on the important insights into Fiduciary Services at your corporate functions, staff meetings, and we will gladly partner with your human resources department to fulfill your staff value propositions and any corporate social responsibility programs that your company may have.

We all know that tax is the subject of much debate, be it by the taxpayer, the fiscus, the planner or the tax consultant. The most talked about aspect of taxation is how we can legally save as much tax as possible …. The adage tax avoidance vs tax evasion comes to the fore. As a responsible fiduciary service provider, we are advocates of responsible tax avoidance schemes. We acknowledge that expertise lies within the practice of customised fiduciary solutions we are well able to handle the rigours of taxation within the fiduciary business. We are very proud of our symbiotic partnership with our financial planning colleagues to provide our clients with the best tax assistance possible, and where more expertise in this field is needed we are honoured to work with Messrs. Johns and Associates professional accountants and tax practitioners.

Customised Fiduciary Solutions