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Estate Planning Law in Port Elizabeth, South Africa revolves around creating an effective plan for distributing an individual's wealth and properties after death. The specifics of estate planning can involve drafting of wills, setting up trust funds, tax planning, and appointing executors who will manage the estate according to the decedent's wishes.
You may need a lawyer to assist in several situations in estate planning. If your estate has significant assets, operates a business, or has international interests, legal counsel might be necessary to minimise potential disputes or difficulties. Lawyers can also be needed if you want to establish a trust, update your will, deal with estate taxes, or need advice on wealth succession. In case of professional heirs who might contest the will, having a lawyer could be even more essential.
In South Africa, the Administration of Estates Act 66 of 1965 and associated regulations govern estate planning. South African law requires that wills must be in writing, and must be signed by the testator in the presence of two witnesses. Furthermore, if someone dies intestate (without a will), the estate will be divided according to the laws of Intestate Succession, which may not agree with the decedent's wishes. Additionally, estate dutie may be due on estates with a value above a certain threshold.
A Testamentary Trust is created in an individual's will, and it comes into effect upon their death. It helps to protect assets and beneficiaries, including minor children.
In South Africa, a will can be challenged on the basis of its legitimacy, the mental capacity of the decedent when the will was made, or if there's a belief that the will doesn't reflect the true wishes of the decedent.
If a person dies without a will in South Africa, their estate will be distributed according to the laws of Intestate Succession. This might not coincide with what the decedent would have wanted.
Any person above the age of 18 can be appointed as an executor in a will. If no executor is named in the will, the Master of the High Court will appoint one.
Estate duty is a tax on the value of your estate (including property, money, and possessions) when you die. Currently, it was 20% on the first R30 million and 25% on anything above that.
The South African Revenue Service (SARS) has information and resources concerning taxation and estate duties. The Master of the High Court can offer advice and guidance on the execution and administration of estates. There are also several professional and non-profit bodies that provide free advice and guidance on wills and estate planning.
If you require legal assistance in estate planning, it's recommended to find a lawyer specializing in estate planning law. Compile a list of assets and liabilities, decide how you want your estate divided, and who to appoint as executor. Consider establishing a trust if necessary and make sure to regularly update your will as your circumstances change.
