Estate Planning

My Will and Assets Abroad

[vc_row][vc_column][us_btn text=”Read Afrikaans” align=”center” link=”url:%23Afrikaans||”][vc_column_text]Estate Planning

Wills:

If you have assets beyond the borders of South Africa (SA), it is advisable for you to have another will prepared in the country of relevance (jurisdiction).  Laws of succession differ from country to country and a will should be drawn up in accordance with the relevant country’s laws.

Foreign assets:

Assets outside SA’s borders are not part of an SA * deceased estate account. From an estate duty perspective, the assets are deemed assets in most cases and a variety of tax exemptions may apply.

* Liquidation and Distribution, which are set by the estate executor in SA

Death certificates:

We find that SA pension funds require an SA death certificate for death claims. These funds do not accept a foreign death certificate. Deaths need to be reported in SA in order for pension funds proceeds to be paid out to beneficiaries. It is also important to ensure that the deceased’s marital status at the Department of Home Affairs is up to date, especially with regards to divorced spouses.

Green SA Identity Booklet and new SA Identity Cards:

SA pension funds and other investment funds require the original green identity document stamped “DECEASED / OORLEDE” as further proof. However, the state organisation’s system has not yet been updated to incorporate the new SA identity cards.  Therefore keep your old identity book safe when you receive a new ID card. Investment companies in SA require an SA bank account to pay SA living annuity funds proceeds to beneficiaries.

Quick completion of SA deceased estates and death claims:

An estate’s tax affairs is one of the main reasons why a deceased estate takes quote a long time to be completed. In addition to personal information, correspondence and documentation, the tax assessment of the deceased include the following:

– Income Tax
– Capital Gains Tax (CGT), and
– Value Added Tax (VAT)

Additional documents and information that are needed to register and administer a deceased estate are listed below.

General:

We find that heirs sometimes want to give part of their inheritance to their children. Take into account the effect of capital gains tax and donations tax. It is advisable for such an heir to discuss the intentions beforehand with his or her financial planner.

Information required for reporting documents:

  • Deceased ID number
  • Copy of Death Certificate
  • Deceased place of ordinary residence
  • Marriage certificate
  • Place where married
  • Place of birth
  • Income Tax reference number
  • Copy of last will and testament
  • Parents of the deceased:’ names and surnames and whether they are deceased or alive
  • Children of the deceased: names and surnames and whether they are major or minor
  • Divorce order and settlement agreement if applicable

Document and information required:

  • Original ID book
  • Original Death Certificate
  • All SARS documents with the income Tax reference number on it
  • Last Tax Return submitted
  • All Bank statements
  • All shares certificates
  • Loans/ Bonds
  • Loans made to other (Trusts / Businesses / Person)
  • Clothing -, Telephone -, Internet Accounts
  • All other account opened in deceased’s name
  • Registration documents of vehicles in name of the deceased
  • All property deeds / agreements in the name of the deceased (immovable)

Surviving Spouse:

  • Contact details (telephone number, e-mail address, physical address)
  • Proof of residence
  • Proof of banking details
  • Copy of ID

Blog by Regina Viljoen[/vc_column_text][/vc_column][/vc_row][vc_row el_id=”Afrikaans”][vc_column][ultimate_heading main_heading=”My Testament en Besittings in die Buiteland” alignment=”left”][/ultimate_heading][vc_column_text]Estate Planning

Testamente:

Indien jy besittings buite die grense van Suid-Afrika (SA) het, is dit die veiligste om ‘n testament te hê wat in die betrokke land (jurisdiksie) opgestel is. Erf-opvolgingswette verskil van land tot land, en ‘n testament moet dienooreenkomstig die betrokke land opgestel word.

Buitelandse bates: 

Besittings buite SA se grense maak nie deel uit van ‘n SA *boedelrekening nie. Vanuit ‘n boedelbelastingoogpunt is die bates in meeste gevalle ‘n geagte bate waar ‘n verskeidenheid belastingvrystellings van toepassing kan wees.

* Likwidasie en Distribusierekeninge wat deur die bestorwe boedel se eksekuteur in SA opgestel word

Sterftesertifikate: 

Ons ondervind dat SA pensioenfondse ‘n SA sterftesertifikaat vereis. Dit is problematies om ‘n buitelandse sterftesertifikaat te gebruik as bewys van sterfte. Sterftes moet derhalwe ook in SA aangemeld word.  Daar moet seker gemaak word dat die oorledene se huwelikstatus by die Departement van Binnelandse Sake op datum is, veral ten opsigte van geskeides en vooroorlede gades.

Groen SA Identiteitsboekie en nuwe SA Identiteitskaarte:

SA pensioenfondse en ander beleggingsfondse verlang die oorspronklik groen identiteitsboekie  met stempel “OORLEDE / DECEASED” as verdere bewys. Die staatsorganisasie stelsel is egter nog nie aangepas vir nuwe identeitskaarte nie. Bewaar dus jou ou identiteitsboekie wanneer jy ‘n nuwe identiteitskaart ontvang.

Beleggingsmaatskappye in SA benodig ‘n SA bankrekening om SA lewende annuiteitfondse aan begunstigdes uit te betaal.

Vinnige afhandeling van SA boedels en doodseise:

Belastingsake van ‘n boedel is een van die grootste redes waarom ‘n boedel sloer om afgehandel te word. Benewens alle persoonlike inligting, korrespondensie en dokumentasie sluit die onlangse  belastingaanslae van die oorledene ook die volgende in:

inkomste belasting
kapitaalwinsbelasting (KWB), en
belasting op toegevoegde waarde (BTW)

Verdere dokumente en inligting wat benodig word ten einde ‘n boedel aan te meld en te beredder is hieronder gelys.

Algemeen:

Ons ondervind soms dat erfgename ‘n gedeelte van hul erfporsie aan hul kinders wil bemaak.  Daar moet veral oorweging geskenk word aan kapitaalwinsbelasting en skenkingsbelasting. Dit is raadsaam vir so ‘n erfgenaam om sy of haar voorneme vooraf met ‘n finansiële beplanner te bespreek.

Inligting benodig om aanmeldingsdokumente te voltooi:

  • Oorledene se ID-nommer
  • Kopie van Sterftesertifikaat
  • Oorledene se woonadres
  • Oorledene se Huweliksertifikaat
  • Plek waar oorledene getroud is
  • Plek waar oorledene gebore is
  • Inkomstebelastingverwysingsnommer
  • Afskrif van testament
  • Oorledene se ouers: name en vanne en of hulle oorlede is al dan nie
  • Kinders van die oorledene: name en vanne
  • Egskeidingsbevel en skikkingsooreenkoms indien van toepassing

Dokumente en Inligting benodig vir bestorwe boedel:

  • Oorspronklike ID-boek
  • Oorspronklike Sterftesertifikaat
  • Enige SARS dokumente met die oorledene se inkomstebelastingverwysingsnommer daarop
  • Laaste inkomstebelastingaanslag ingedien
  • Onlangse bankstate
  • Aandele sertifikate / kennis van dividende betaal
  • Lenings / Verbande
  • Lenings aan ander (Trusts / Besighede / Persoon)
  • Telefoon-, Internet-, Klererekeninge
  • Enige ander rekeninge geopen in die naam van oorledene
  • Registrasiedokumente van alle voertuie in die naam van die oorledene
  • Akte / Koopooreenkomste van alle eiendomme in die naam van die oorledene (onroerende)
  • Munisipale rekenings van elke eiendom

Langslewende gade:

  • Kontakbesonderhede (telefoonnommer, e-posadres, fisiese adres)
  • Bewys van woonadres
  • Bewys van bankbesonderhede
  • Afskrif van ID

[/vc_column_text][/vc_column][/vc_row][vc_row color_scheme=”primary”][vc_column width=”2/3″][vc_custom_heading text=”Help me to start planning.” font_container=”tag:h3|text_align:left|color:%23ffffff” google_fonts=”font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal” css=”.vc_custom_1458596223282{margin-right: 10px !important;margin-bottom: 10px !important;margin-left: 20px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;}”][vc_column_text css=”.vc_custom_1458596332587{margin-top: 10px !important;margin-right: 10px !important;margin-bottom: 10px !important;margin-left: 20px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;}”]Ultima has been one of the pioneers of the fee-based approach in South Africa. Our commitment to you, our client, is to keep on refining the model to ensure that you continue to benefit from its value-adding offering.[/vc_column_text][/vc_column][vc_column width=”1/3″ css=”.vc_custom_1458596641073{padding-right: 10px !important;}”][ultimate_modal modal_title=”CALL YOU BACK?” btn_size=”md” btn_bg_color=”#4f4f4f” btn_text=”CALL YOU BACK?” modal_size=”medium” modal_style=”overlay-doorhorizontal” overlay_bg_opacity=”80″ header_bg_color=”#ff9900″ modal_border_style=”solid” modal_border_width=”2″ modal_border_radius=”1″ btn_txt_color=”#ffffff”][contact-form-7 id=”4745″ title=”CALL ME BACK”][/ultimate_modal][/vc_column][/vc_row]

Share this post:

You might also like

Contact Ultima

Contact us

Physical Address:

73 Kariba St, Lynnwood Glen, Pretoria, 0081

Telephone:

+ 27 12 348 1386

Fax:

+ 27 12 348 3706

Email:

Contact us


Contact info

Physical Address:

73 Kariba St, Lynnwood Glen, Pretoria, 0081

Telephone:

+ 27 12 348 1386

Fax:

+ 27 12 348 3706

Email:

Map

Ultima FP Logo

Kindly select age category to enhance your experience

I am younger
than 35

I am younger
than 35

I am between
35 & 55

I am between
35 & 55

I am over 55

I am over 55

Skip >

Skip >

Complete our form under Contact Ultima and we will be in touch soon.

God Bless and Happy Planning