Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Estate Planning in Sandton, South Africa, involves the creation and management of an individual's estate during their lifetime and following their death. It covers the development of documentations such as Wills and Trusts and provides strategies to limit estate taxes and ensure smooth asset transition to beneficiaries. It is regulated under South African law, largely the Administration of Estates Act of 1965, and the Wills Act of 1953.
An understanding of the legal aspects involved in estate planning is crucial in order to avoid any missteps that could lead to familial conflicts, depletion of the estate through taxes, or a delay in the dispersion of assets. Therefore, for drafting comprehensive wills, setting up trusts, resolving disputes about inheritance, planning estate taxes, or managing complex estates with numerous or high-value assets, hiring an estate lawyer in Sandton can be beneficial.
Local Estate Planning laws in Sandton are governed by various pieces of legislation. The two most notable are the Administration of Estates Act, which lays out the procedures for deceased estate management, and the Wills Act, which sets the guidelines for creating a valid will. South Africa has no specific estate or inheritance tax but includes an estate duty in the form of a 20% tax on estates exceeding R3.5 million.
A Will is a legal document that communicates a person's wishes about who will receive their possessions after they die. It is crucial for avoiding uncertainty and preventing potential disputes among your survivors.
A Trust is a legal arrangement where assets are transferred to a third party, called a trustee, for the benefit of beneficiaries. It's typically used for minimizing estate tax, protecting assets, or when minors are involved.
If you die 'intestate' (without a Will), your estates will be disposed of according to the Intestate Succession Act, which may not reflect your wishes.
Yes, you are always free to amend your Will, but it should be done in consultation with an estate lawyer to ensure legal validity of the amendments.
Only those with a financial interest in the deceased's estate or beneficiaries named in a previous Will can contest the Will. This typically includes spouses, children, or other close relatives.
The Master’s Office, a part of the High Court, can be helpful as it administers deceased and insolvent estates, liquidation and sequestration processes. Moreover, Fiduciary Institute of Southern Africa (FISA) can provide relevant information and resources on fiduciaries and estate planning.
If you require legal assistance in Estate Planning, it is recommended to seek the services of an estate planning lawyer. Choose a professional who specialises in South African Estate Planning Law, ensuring they are suitably qualified, experienced, and have a solid reputation within the community in Sandton. Preparing a list of questions, concerns, and objectives can be beneficial for your first consultation.
