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How do I protect my children’s inheritance if I die before my spouse/ civil partner/ partner?
02 April 2019  | Zola Wotshela
 

There is a sense of pride knowing that you have accumulated valuable assets to pass on to the next generation.

There is also fear of losing control of the wealth you worked so hard to build.  

How do you make sure your wealth gets distributed to the people you care about in accordance with your intention?  

Accordingly it has been stated that the easiest way to achieve your aims is to go the route of estate planning.  

WHAT IS ESTATE PLANNING?

Estate planning is the process of anticipating and arranging during a person’s life for the management and disposal of that person’s estate during the person’s life and after death.  

It will allow the protection of your loved ones from legal hassles and financial uncertainty after your death.        

WHAT ESTATE PLANNING MEANS

It is the act of preparing for the transfer of a person’s wealth and assets after his/her death.  

HOW DO YOU DO ESTATE PLANNING?

The most important estate planning issues to consider are:  

(a)  Making a Will/Testament;

(b)  Consider a Trust.  

(a)  WILL / TESTAMENT:  

A Will is a written document in which a person called a Testator/Testatrix, voluntarily stipulates how his/her estate will be distributed after his/her death.  

Having a Will is the cornerstone of any estate plan.  

You are required to review and update your Will.  

(b)  TRUST:  

What is a Trust?  

A Trust is a legal way to hold and protect your assets for the future.  

A document called a trust deed is the set of rules for the operation of the trust.  It sets out who the beneficiaries are, who the trustees are and how the trust will be administered.  

Trustees are appointed to administer monies inherited by heirs.  

The appointment of Trustees is crucial for inheritance by children.  

Trusts are legal agreements through which you set aside assets and money to be held and administered on your behalf for the benefit of the people as beneficiaries.  

The easiest way to achieve your aims is through the use of a Trust incorporated into your Will.  

Broadly speaking there are a number of ways how Trust types in South Africa can be classified, the way in which they are formed and the rights they give to the beneficiaries.  

CONCLUSION:

This article is my attempt to bring to light some of the issues, not in detail, of estate planning which can help you to understand and better preserve the assets you  have worked so hard to accumulate over your lifetime.  

Should you decide to pursue the route of estate planning, I will advise you to seek the advice of a knowledgeable Attorney.    

 
 
 
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