National Wills Week will take place between the 12th and 17th of September this year. Wills Week is an annual nationwide initiative that invites people to have basic Wills drafted free of charge at any of a number of participating firms across South Africa.
To find the list of participating law firms in your area, you can use the following link: https://www.lssa.org.za/our-initiatives/advocacy/national-wills-week/western-cape-attorneys-participating-in-the-lssa-national-wills-week-2022/
National Wills Week is a great opportunity to review your Will or, have your Will drafted for free.
The importance of a Will – what happens if you die without a Will?
You need a Will to make sure your estate is distributed according to your wishes. Without a Will the rules of intestate succession come into effect as there is no guide in place as to the distribution of your estate. This means that your estate will be divided amongst your surviving spouse, children, parents, siblings, even distant relatives in some cases, according to a set formula.
What happens to our offshore assets when we pass away?
At Southwood, we have many global based clients, whether they are South Africans living abroad or foreigners living in South Africa. Offshore investing is a pertinent part of wealth creation and leaving behind a legacy for future generations.
It is important to have a general understanding of SARB’s rulings regarding inheritance. For your interest, we’ve shared a list put together by Currency Partners below which includes the most pertinent rules:
South African residents who inherit foreign assets from a non-resident after 17 March 1998 do not need to declare to the SARB or repatriate to South Africa.
South African residents who inherit foreign assets from a South African estate on or after 23 February 2022 may retain the asset offshore in their name without permission from the SARB subject to local tax disclosure and compliance. Note: This does not apply retroactively and contraventions before this date must be regularised.
South African residents temporarily abroad, who inherit from a South African estate and have a South African bar-coded ID, can utilise their annual allowances to receive their inheritance payments offshore.
My estate planning file
An estate planning file is a document in which all of the information required in order for your loved ones to take control of your affairs in the event of a medical emergency or your passing is kept. The information in this document is often overlooked when estate planning yet it is invaluable.
To get you started, download Southwood Financial Planning’s Estate Planning File template here.