Polygamous marriages in South Africa require careful navigation of legal frameworks to ensure the equitable distribution of assets. This case highlights the judiciary’s commitment to fairness and the importance of proactive estate planning.
In South Africa, minor beneficiaries face the prospect of funds being locked into the Guardian's Fund, a government-managed entity. While intended to protect minors' interests, this process can be lengthy, bureaucratic, and subject to administrative fees.
Do you need a will or a family trust? The answer depends on individual circumstances, financial goals, and the commitment to compliance with SARS regulations. While family trusts can offer significant benefits in terms of wealth protection and distribution, they also come with associated costs and complexities.
Transfer Assets Correctly: When transferring assets into the trust, it's important to follow the proper legal procedures to ensure that the transfer is valid and legally binding.
A will serves other essential purposes beyond asset distribution. In South Africa, it can include vital instructions on handling one's remains and burial preferences. This is particularly crucial for those who wish to express their desires regarding funeral arrangements, memorial services, or even the choice of burial location.
Estate planning is a crucial step in securing your legacy and ensuring your wishes are honored. It provides peace of mind by safeguarding your assets, minimizing tax implications, facilitating a smooth transition of wealth to your loved ones.
less than half of the outstanding payments to beneficiaries have been disbursed, as reported by the Department of Justice and Constitutional Development. This delay poses a real threat to beneficiaries, hindering their ability to access the funds intended for their well-being.
In simple terms, individuals who entered into marriages without the accrual system while married out of the community of property will now have the right to request a redistribution of assets, regardless of the terms outlined in their antenuptial contract.
In a world brimming with uncertainties, there's one certainty we often overlook—our legacy. The LSSA National Wills Week, slated from September 11th to 15th, 2023, beckons us to face this inevitability head-on. Don't just postpone your estate planning; empower yourself to shape your future and provide for your loved ones, even when you're no longer here.
If the man passes away and is survived by his legal spouse and the "other woman," the "other woman" may have a claim for maintenance if she can prove that she was receiving or entitled to receive maintenance from the deceased during his lifetime.