Page 3 - Nexia SAB&T Estate Planning Guide 2024

CONTENTS

Important note and disclaimer 2
What is Estate Planning? 3
Who needs to do Estate Planning? 4
Who should be involved? 4
Aims of Estate Planning 6
Marriages in SA: Legislation 9
Tools for Estate Planning 10
Introduction 10
The Last Will and Testament 10
Trusts 20
Donations 30
Matrimonial Property Regimes 33
Assurance Policies 36
Foreign assets of a South African resident 38
Business Succession Planning 40
Estate Duty 44
A General 44
B Property 44
C Deemed property 45
D Deductions 47
E Rebates 49
Death and Taxes 50
Income Tax: General 50
Specific Income Tax Considerations 51
Income Tax and Estate Planning 51
Capital Gains Tax: General 51
Transfer Duty 56
The Living Will 58
Storage of Estate Planning documents 58
Davis Tax Committee 61
Revising the Estate Plan 62
Important points to bear in mind 63
Notes 64

1