Our Company can assist with all aspects relating to:
Estate Planning includes the drafting, amendment and safe-keeping of the drafting of your Last Will and Testament. This term includes registration of inter vivos (a Trust created during the donor’s lifetime) and mortis causa (a Trust created by the Testator’s Will) Trusts to protect minor children or family members who cannot care for themselves or for their own finances.
It is very important to obtain the assistance from a knowledgeable Attorney/Estate Planner when considering the amendment or drafting of your Will. Your Will is a legal document which expresses how you would like your loved ones looked after and your property distributed at your death. One or more persons, the executor, are named to manage your estate until its final distribution to ensure that your last will is carried out correctly.
Trusts can be created and registered as separate legal entities. For instance:
1. inter vivos
These trusts are created while you are still alive. Your assets are held and administered on behalf of a set of beneficiaries, who can be divided into income beneficiaries and capital beneficiaries.
2. mortis causa
These Trusts are created in your Last Will and Testament to hold bequests made in your Will on behalf of minor beneficiaries, beneficiaries who are under sequestration, those who cannot manage their own assets, etc.
It is very important that Trust Deeds be created correctly, as Trusts can either be Business Trusts, or Discretionary (mostly family) Trusts.
The administration of deceased estates is the process of winding-up the affairs of the deceased and ensuring that the stipulations of the deceased’s will be/is carried out correctly. In the event of the deceased passing without leaving a valid Will, the estate of the deceased will be wound-up in terms of the Laws of South Africa (intestate succession).
Estate administration process (In summary):
- Notice of estates and the appointment of an Executor;
- Preparation and compilation of the Liquidation & Distribution Account;
- Investigation of the Liquidation & Distribution Account by the Master of the High Court;
- Liquidation & Distribution Account for inspection;
- Finalisation of the estate (after the inspection period and no objections are lodged)
Elmo-York Stuart specialises in Estate planning, the administration of and finalisation of deceased estates, etc.