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Estate administration
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Estate Administration: Inheritance & Wills In South Africa

South Africa has an inclusive justice system. This can be seen from its acknowledgment of rights for foreigners and people in customary marriages.

With the interplay between different laws and stipulations, estate planning and administration may seem a daunting task. Fortunately, writing a Will and the inheritance process do not have to fill you with dread.

Here is our guide to understanding estate administration, inheritance, and Wills in South Africa.

What Is Estate Administration

An estate is the total of money, assets, and property owned by an individual, especially at death.

Estate administration is the process of:

  • managing the estate,
  • paying any taxes or debts due on the estate, and
  • distributing the property and assets to the heirs and beneficiaries.

Estate administration ensures the deceased’s final wishes are carried out correctly. However, it’s important to note that it is a highly technical process.

Each individual’s estate and circumstances differ. Let’s draw a comparison.

A 65-year-old parent with five dependents, two businesses, numerous properties, foreign assets, and a large investment portfolio

vs

A 33-year-old young professional with life cover, a spouse, no property, and a trust.

Both individuals have different family situations and are in different life stages. Yet, both would benefit from professional expertise to help them plan out their estates in the most tax-efficient and timely manner.

Avoid the pitfalls

The estate administration process is littered with pitfalls and red tape. The estate needs to be dealt with properly in order to give your family peace of mind after you’re gone.

The greatest tool to protect your final wishes is the Will. Drafting a valid Will simplifies the entire estate administration process by setting out your intentions in writing.

Drafting, Amending, And Revoking Wills

Drafting, Amending, And Revoking Wills

Most people in South Africa can draft their own Will. Drawing up your own valid Will requires you to have two people sign as witnesses (read more about the Will-making process here).

It is a simple process if you have a simple estate. However, taxes and know-how of the law are useful, especially if you have a large family, several assets, or policy payouts to manage.

At this point, it is always best to consult your financial advisor who will be able to help you with your financial needs. In this way, the process is smoother when it comes to dividing your assets.

As your life changes, so will your financial circumstances. This is why it’s important to regularly update your Will in the face of new life events like the birth of a child or purchase of a business.

Amending A Will

You can amend your current Will through a codicil. This is also known as an update to the Will.

All changes must comply with the requirements of a valid Will. Fortunately, the process does not require the two original witnesses to sign the Will again.

Revoking A Will

Asides from amending your Will, you can also completely revoke it. You can create a new one. The latest Will must state that the previous one has been revoked, or the old Will has been destroyed.

Revoking and/or destroying previous versions prevents future confusion and potential feuds between your beneficiaries and heirs. It helps all interested parties and loved ones stay on the same page.

Inheritance Law In South Africa

Inheritance Law In South Africa

Inheritance law applies to South Africans who own property in the country. The inheritance legislation generally respects the wishes of the deceased.

However, there is one exception to this law. If the spouse is left out of the Will, he or she can petition to claim a part of the estate to support themselves. This is called the Maintenance of Surviving Spouse Act.

Grant Of Probate

Grant Of Probate

A grant of probate is a document that affords a person the legal authority to act as executor. This executor can then administer the estate on behalf of the deceased.

After the subject’s passing, the family has two weeks to notify the Master of the High Court. This begins the process of settling the estate, including officially recognising the executor.

Within the Will, the deceased makes known the executor of their estate. This person will collect the deceased assets, pay any debts and estate taxes, and distribute the estate among beneficiaries.

Because of the sensitivity around death and finances, many people prefer to appoint estate administrators with both an excellent knowledge of the estate planning environment and a good relationship with the family.

Inheritance Tax In South Africa

South African inheritance tax (estate duty) applies to all estates that are valued below and above a certain amount. These estates may be subjected to capital gains and donations tax too.

  • For an estate under R30 million, the estate duty is 20% of the estate’s dutiable amount.
  • For an estate over R30 million, the estate duty is 25% of the estate’s dutiable amount.

Feel free to get in touch if you need help with navigating estate duty taxes and the small print of estate transfer.

Maysure Financial Services Estate Administration

Maysure Financial Services Estate Administration

Estate administration requires a professional and personal perspective. At Maysure Financial Services, our services are tailored to your circumstances.

Our offerings are inspired by your life and we do all we can to help you achieve financial freedom in this lifetime and for your family in the next.

We offer estate administration services that are fully committed to your needs. At all times, we provide you with the best support possible.

If you’re not sure where to turn, contact us today with your estate administration queries.

+27 11 839 2302

info@maysure.za.com

Maysure Financial Services is a registered financial services provider. FSP 15173

Maysure featured image for Financial New Years Resolutions
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Financial New Year’s Resolutions: Shape Your 2021

We’re sure you’re all aware of the classic New Year’s Resolution tradition: you start out full steam ahead with planning your goals for the year and two months later, you’ve lost all motivation. What happens? Naturally, you slip back into your old spending habits and procrastination becomes enemy number one.

It’s easy to fall back into comfortable patterns, especially when it comes to your finances. But, it’s detrimental to achieving your financial goals. Avoiding financial planning often results in far more stress than it would take to set aside some time to plan your finances for the New Year.

Remember, you don’t have to do it alone. We are here to help you by shedding some light on a few key financial resolution tips and how you can stay the course.

1. Evaluate Your Finances

Knowing your financial status is a good place to start when it comes to planning your resolutions. After all, you can’t create resolutions until you know where you’ve been going wrong. Aim to form a realistic baseline idea of your current financial health status, even if it’s not exactly where you want it to be.

This means evaluating your spending habits, calculating your net worth, and reviewing your goals. These actions will tell you more about what your money is doing.

Once you have an idea of what your financial health looks like, it becomes easier to create realistic resolutions and to achieve them.

2. Plan Your Money

Following your evaluation, you can move on to setting financial resolutions that work for your money. This will put you on the road to becoming financially savvy.

But, what exactly does this mean and how do you do it?

Successful resolutions incorporate clear goal-setting and focused timelines. Outline exactly what goals you want to achieve and set an executable timeline. You are less likely to procrastinate and fail at your financial resolutions when they are clear, simple, and doable.

This does not have to be done in a vacuum. It’s advisable to reach out to all your available resources.

A financial adviser can assist you in drawing up a financial plan that establishes clear goals with executable timelines. This goes a long way to creating resolutions that give you more confidence and less stress.

Contact Maysure Financial Services for help to achieve your financial resolutions.

3. Pay Your Debts

You are now well on the path to financial savviness. Armed with knowledge and determination, you can focus on the nitty-gritty of your goals. It’s time to prioritise debt relief and not get sidetracked by debt creation.

In your financial resolutions, outline an effective budgeting strategy that aims  “to ensure that you’re spending with a purpose”. This means paying off your credit card and other outstanding debts before you plan that next big holiday.

Procrastination is the thief of time. The beginning of a new year presents you with the perfect opportunity to get into financial shape and make more down payments to secure future debt relief.

4. Plan Your Investment

Paying off debt is not the only significant aspect to consider, another easily-overlooked area is long-term investment. You may be tempted to set goals exclusively for the now, but “big picture” goals should always be in the foreground of your financial New Year’s resolutions.

Each year that goes by gets you a step closer to retirement. So, make sure you know where you want to be in the future. Resolutions don’t need to be limited to the 12 months ahead. You can make them with the next 12 years in mind.

Investment and finances are a very personal affair. There are so many options to choose from, whether it’s putting money into an investment portfolio or paying off your bond. Make the right decision for you. Discuss your options with your financial adviser to make an informed choice.

5. Review and Relearn

Finally, the best way to stay on top of your goals is to regularly review your budget and always leave space for learning. The more knowledgeable you are about your finances and the financial world in general, the easier it becomes to tackle any unexpected issues that may arise throughout the year.

Another goal you can include in your resolutions is to expand your knowledge by reading more blog posts, newsletters and finance books. If you are armed with the facts, you are prepared for battle.

Another great idea is to have a checklist that you can revisit throughout the year to ensure that you’re staying on track with your goals.

Financial New Year’s resolutions don’t have to become an exercise in procrastination, instead, they can be realistic, simple, and informed.

—

Please do not hesitate to get in touch to find out how to make your money work for you:

+27 11 839 2302

info@maysure.za.com

1024 683 Maysure Financial Services

Blog: How to go digital with your financial planning

First things first, the world around us has changed, and most importantly, we have to look at how to adapt accordingly in the various areas of our lives.

Many people have found themselves in a position where they are attending online or virtual meetings for the first time! There are so many teething pains in terms of how we use tools like Zoom, Microsoft Teams, and Skype. Not always knowing the answers or how to use these tools can seem intimidating, but we have to be prepared to change our way of communicating so that we can adapt and thrive during this time.

Discovering new ways of connecting professionally has led to many children and pets inadvertently attending our meetings. Maybe you are one of those professionals who have had this happen, and at the time it’s quite distracting and embarrassing, but after the fact, it’s pretty hilarious.

We’re all seeing a new side of our friends and colleagues, and while these things may not fill in what’s missing – human contact, it helps us to all maintain our humanity, and our personal well-being.

Financial planning in this new digital era might seem daunting, most of us are used to discussing our financial plans face to face with our trusted financial planner, being able to ask all the questions and having them pop us as you go. While we might all miss that interaction, we can’t allow financial planning fall to the wayside because everything has changed.

With this in mind, we’ve put together a few pointers on how to stay connected with your financial advisor during this period and included links to videos that show how to use the three major virtual conferencing that will help to make your experience so much easier.

When it comes to your investments, updating or changing your policies, whether it be life cover, income protector, dreaded disease cover, or anything else, and if you aren’t sure what your policies cover, talk to us.

The most important thing is to keep in contact with us on any area of your financial planning so that we can work together to ensure your future is secured and no hasty decisions are made now that will be regretted later.

Now some of these points may seem pretty obvious, but just in case, here is a shortlist of how to go digital with your financial planning:

  1. Pick up the phone – if you have any questions you can call our offices, we can try to answer them right away
  2. Send an email with your questions

OR

  • Set up a Zoom/Skype/Microsoft Teams virtual meeting if you need more information

Next up, some instructional videos on how to use the various virtual platforms:

Zoom

Skype Desktop

Microsoft Teams

If you would like to discuss this further, feel free to get in touch with us.

☎️ +27 11 839 2302

📧 info@maysure.za.com

1024 683 Maysure Financial Services

Introducing the Sygnia OSI Fund

Sygnia have released an exciting new fund, the OSI (Oxford Sciences Innovation) fund. We’re excited because like their other products, it’s an innovative fund, but also one that creates change through Impact Investing.

What is the Sygnia OSI fund?

Sygnia deploys 100% of their capital to generate socially impactful and sustainable long-term returns.

The aim of the fund is have exceptional performance while changing lives by making the unaffordable and unachievable possible.

The focus is on Impact Investing.

What is Impact Investing?

This is a type of investment strategy which invests in companies and organisations who generate a measurable, beneficial social or environmental impact alongside a financial return for the investor.

Essentially, it means you can be part of the change you want to see, while making a return on investment.

More on the actual fund:

The portfolio invests in companies such as:

  • Evox Therapuetics – modifiers of exosomes to facilitate targeted drug delivery to organs such as, but not limited to the brain and the central nervous system
  • Osler Decentralised Diagnostics – they have created a diagnostic device that enables anyone to test for a majority of biomarkers from a single drop of blood
  • Ultromics AI of Echocardiography – their technology reduces the error rate in the diagnosis of coronary heart disease by more than 50%
  • Vaccitech – creating novel vaccines that elicit strong responses from T-cells. They are a clinical stage T-cell immunotherapy company developing products to treat and prevent infectious diseases

For more information on this fund feel free to get in touch:

☎️ +27 11 839 2302

📧 info@maysure.za.com

1024 683 Maysure Financial Services

Property Portfolio Specialist

Maysure Financial Services is excited to welcome Prabir Paima to our team!

Prabir is a Property Portfolio Specialist and Property Professional who is experienced in services that include, property due diligence, business property strategies, to both property owners and aspiring investors.

With over 6 years of practical hands-on experience in multi-disciplines of the property industry, Prabir is resourceful and proactive in combining effective communication skills, with practical and theoretical knowledge to identify, acquire and manage feasible opportunities in the residential property market.

In Prabir’s most recent tenure, he acquired 733 units on behalf of a property fund which included sourcing the units, finance structuring for the plan, management planning, and future proofing of the acquisitions.


He played an integral part in managing a property portfolio valued at R800,000,000.00, which subsequently lead to the conclusion of two portfolio sales to a listed company with a deal valued at R750,000,000.00 consisting of 1 400 units

The cradle to grave exposure afforded Prabir with building a reputable rapport with funding relationship managers, property valuers and real estate advisory professionals throughout the industry.

Prabir has also successfully completed market studies, due diligence reports and technical property reports for external property acquisition and development projects.  

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PPS: 2018 In Review

PPS released their review of 2018 in their document “It Adds Up”.

What makes PPS unique as a financial services provider is that they are dedicated to graduate professionals, their business is based on creating targeted insurance products for professionals.

They are constantly evolving and adapting to be at the forefront of global technology innovation that affects how their members do what they have been trained to do, and the decisions and actions they take are solely based on member interests.

Having delivered satisfactory growth for their members in 2018, with R3.2 billion rand paid out in benefits, and R634.6 million in profit share allocation.

What you need to know about the Profit share account:

It is made up of 2 components, the Apportionment Account, and the Special Benefit account.

The Apportionment account is made up of the share of your monthly contributions to qualifying PPS products, and the Special Benefit account is made up of investment portfolio of PPS group.  The Special benefit account has in certain client portfolios reduced and this was due to the poor market conditions that were experienced in 2018.

Looking at 2018 in Review, this is what you need to know:

  1. Profit Share Allocations to Members in 2018: R634.6 million
  2. Benefits Paid to Members in 2018: R3.2 billion
  3. Exit Payments to Members in 2018: R1. billion
  4. Life Cover Paid out for Members in 2018: R511.8 million
  5. Sickness Benefits Paid out to Members in 2018: R541.7 million
  6. Critical Illness Benefits Paid out to Members in 2018: R216.0 million
  7. Permanent Incapacity Benefits Paid out to Members in 2018: R466.8 million
  8. Lump Sum Disability Benefits Paid out to Members in 2018: R151.5 million.
  9. Total Cancer Claims Paid for all products to Members in 2018: R266.2 million
  10. Motor and Household Benefits Paid to Members in 2018: R132.8 million

The causes and conditions most claimed for:

  • Life Cover Top 3 Causes
    • Neurological
    • -Injury
    • Cancer
  • Sickness Benefits Top 3 Causes
    • Diseases of the musculoskeletal system and connective tissue
    • Injury
    • Cancer
  • Critical Illness Top 3 Causes
    • Cancer
    • Cardiovascular diseases
    • Diseases of the circulatory system
  • Permanent Incapacity Top 2 Causes
    • Diseases of the musculoskeletal system and connective tissue
    • Psychological illness
  • Lump Sum Disability Top 3 Causes
    • Cancer
    • Diseases of the musculoskeletal system and connective tissue
    • Psychological illness

Cancer and diseases of the musculoskeletal system and connective tissue are the most common illnesses claimed for in 2018.

If you would like more information on your PPS profit share allocation, or to review your current products feel free to contact us:

? 011 839 2302

? info@maysure.za.com

? www.maysure.co.za

1024 576 Maysure Financial Services

The Kagiso Islamic High Yield Fund: What you need to know

Kagiso Asset Management recently launched the Kagiso Islamic High Yield Fund. Kagiso delivers consistent performance for those who wish to invest in Shariah funds and hold the best performing Shariah investment to date.

Their global performance track record is ahead of international benchmarks, so when they make new investment options available it’s developed by their well-established investment team who have the experience needed to create funds that matter.

But what is high-yield fund?

When investors are looking for yield on their investment, it means that they are looking to make an income from what they invest. High-yield-funds pay above-average returns on the initial or ongoing investment.

So why are Kagiso releasing another fund?

Research indicates that Shariah investors are risk-averse and seek capital protection. This fund aims to provide a stable income at low capital volatility, making liquidity and quarterly income distribution far more attractive to investors.

Kagiso sees the value in growing their Shariah assets and aim to create a combined value of R160 billion for investors to tap into. They believe that two funds are not enough for the current market and aim to fulfill the need of retiring investors with funds that work for them.

What makes this fund and Kagiso different is that they provide a maximum yield over long periods of time, there is no exposure to volatile forex, there is a prudent allocation to property as well as other investments.

In the South African Shariah space, there are only a few fund managers offering fixed income return Islamic funds and this fund will add much-needed variety in choice of providers. This fund will also allow for more diverse investment portfolios to be provided for our clients.

They aim to give investors what they truly want, capital preservation, and real income and liquidity.

The minimum investment into this fund is a R5,000.00 lump sum or a R500.00 monthly debit order.

For more information about this fund contact us:

? 011 839 2302

? info@maysure.za.com

? www.maysure.co.za