In our experience, it is vital to regularly conduct an exercise whereby you ask yourself the following questions, inter alia, so as to establish whether or not your affairs are still up to date and in order.
It is, of course, important to act on the issues that emanate from such an exercise.
We have found that not many people go through the motions of asking themselves these simple, yet significant questions.
Here are a few of our suggested questions that should be revisited on a regular basis:
ESTATE & ESTATE PLANNING:
- Are your affairs in order if you should die tomorrow?
- When last did you revise your will?
- Who is nominated as the executor/s in your will?
- Will the administration of your estate be in the hands of strangers who have no or little contact and sympathy with your heirs?
- Consider to appoint your surviving spouse or family member as the executor of your estate.
- Are you aware that the majority age is now 18 (it used to be 21)?
- If your minor children or grandchildren are to inherit, do you have a trust to manage their inheritance?
- Are you aware of the “roll-over” effect resulting in a R7 million rebate for estate duty purposes?
- Have you incorporated the said rebate into your estate planning?
If you already have a trust:
- Do you hold regular trustees meetings?
- Do you record these meetings?
- Have you appointed an independent trustee?
- Do you pass and sign resolutions for decisions made by the Trustees?
- Are all the Trustees still alive?
- Have you appointed a successor trustee in your will?
- Did the trustees make provision who will be the beneficiaries to receive the trust benefit after your death as primary beneficiary?
Please contact Meyer De Waal on firstname.lastname@example.org or Samantha Thornhill on Samantha@oostco.co.za for more information of advice on the abovementioned matters. We will gladly assist you in doing this exercise and getting your affairs in order going forward!