Estate Planning Masterclass Self-Study Package
Product Details
By planning your estate, you are carefully structuring your finances and assets in a way that ensures estate duties are minimized, that there is sufficient liquidity to meet your estate's financial obligations upon your death, and ultimately that any inheritances are sufficiently distributed or protected for your heirs.
There are numerous tax implications when it comes to inheritances; appropriate planning could help you limit the impact of taxation on your estate, and ultimately, the amount of money your loved ones inherit.
This 3-part Masterclass series will assist the learner to broaden the approach to effective estate planning.
SESSION 1: MARITAL REGIMES AND ASSETS OF TESTATOR / TESTATRIX
In South Africa, a person can leave assets to whoever they like, although this freedom of testation can be affected by the matrimonial property regime. The marital regime must be taken into consideration during the estate planning process to ensure that the will is aligned with the rights and obligations that flow as a consequence of the marriage.
Identifying assets belonging to the Testator / Testatrix and compiling possible administration costs on date of death will give the client an overview of what exactly his / her estate will look like
Session 1 Topics discussed
- Marital Regimes and the impact on assets
- Assets of Testator / Testatrix
- Interest in Companies / Close Corporations
- Claims
- Debtors
- Monies owned
- Creditors
- Loan Accounts
- The Costs of potential Administration Costs
- Possible cash contribution
- Credit Life
- Life Cover
- Outstanding bond and the impact on the surviving spouse / co-owner
SESSION 2: ESTATE DUTY
One of the most important reasons for a proper estate plan is to minimize estate duty and any possible capital gains tax liability. As a general rule, testators are allowed to arrange their affairs in a way that will minimize the amount of estate duty and capital gains tax liability.
This session gives much needed insight on Estate Duty as part of your Estate Planning process. The outline of the Estate Duty calculation will also be demonstrated during this session
Session 2 Topics discussed
- Assets / Property
- Section 4q deductions (survivng spouse)
- Estate Duty Rebate
- Possible roll over rebate to subsequent deceased
- Accrual claims
- Allowed Deductions
- Allowed costs / liabilities
- Bequests to certain registered institutions
SESSION 3: DRAFTING OF A LAST WILL AND TESTAMENT
Having a will is important for many reasons, however giving directions to an Executor, is one of the most important and valuable reasons. A will ensures that your assets and personal possessions are divided up among those individuals you wish to inherit them. Without a legally valid document setting this out, your estate will not necessarily be bequeathed according to your wishes.
Session 3 Topics discussed
- Drafting of a valid Last Will and Testament
- Signing of a valid Last Will and Testament
- Competency to make a Last Will and Testament
- Effect of divorce or annulment of marriage on will – 3 months grace period
- Encourage your client to review their Last Will and Testament at least once a year
- Cremation / organ donation
- Who can sign as witnesses to a Last Will and Testament
- Statutory requirements / formalities of valid Last Will and Testament – section 2 of the Wills Act no 7 of 1953
All Included:
- Video presented courses
- Downloadable course material
- Certification of training
- SAIT Accredited