Transcript ANGLORAND FINANCIAL SERVICES GROUP ANGLORAND TRUST AND EXECUTORSHIPS (PTY) LIMITED ANGLORAND FINANCIAL SERVICES GROUP “Let our advance worrying become advance thinking and planning.” Winston Churchill.

ANGLORAND FINANCIAL SERVICES GROUP
ANGLORAND TRUST AND
EXECUTORSHIPS (PTY) LIMITED
ANGLORAND FINANCIAL SERVICES GROUP
“Let our advance worrying become
advance thinking and planning.”
Winston Churchill
ANGLORAND FINANCIAL SERVICES GROUP
Anglorand Trust and Executorships (Pty) Limited
SERVICES
• Estate Planning
• Executorships and Estate Administration
• Wills
• Trusts
ANGLORAND FINANCIAL SERVICES GROUP
ESTATE PLANNING
The estate plan consists of the following:
•
The Will
•
Formation of Trust
•
Asset management and restructuring
•
Succession planning
•
Taxation issues
•
Offshore structures – setting up thereof
•
Property management
ANGLORAND FINANCIAL SERVICES GROUP
EXECUTORSHIPS
The administration of deceased estates.
The following are the main formalities that an Executor has to observe:
1. A Death Notice and Inventory of the deceased’s assets are completed at the
time the death is reported. These documents together with the original
Will and Death Certificate are lodged with the Master of the High Court.
2.
If the person nominated as Executor in the Will is prepared to accept the
appointment, he/she must do so in writing. The Master will appoint an
Executive where there is no will or the nominated Executor declines to
act.
3.
In due course (approx six to eight weeks), the Master will issue the Letters
of Executorship. The Executor will then have the necessary authorisation
to proceed with the liquidation formalities and to take custody of the
estate property and records.
4.
The Executor must then advertise , in the Government Gazette and in one
or more local newspapers) a notice calling creditors to lodge their claims
within a stipulated period.
ANGLORAND FINANCIAL SERVICES GROUP
EXECUTORSHIPS cont.
5.
After the issue of Letters of Executorship, an Executor must take steps to
determine the true value of all property in the estate.
6.
The Executor will then proceed to realise sufficient estate assets to cover
the debts, administration expenses and any estate duty.
7.
The Executor is responsible for the lodging of the final income tax return
to date of death including the capital gains tax return.
8.
The next step is the preparation of the Executor’s Liquidation and
Distribution Account and the Estate Duty Return.
9.
This account is then lodged with the Master of the High Court for
examination. It could take some weeks before approval of the account is
obtained from the Master.
10. Once the Liquidation and Distribution Account has passed the inspection
period free from objections, the Executor is in a position to pay the
creditors and distribute the available assets amongst the heirs.
11. The winding-up of the estate will take between 9-12 months, from date of
receiving the Letters of Executorship.
ANGLORAND FINANCIAL SERVICES GROUP
WILLS
•
Advisory
•
Drafting – separate or mutual
•
Business interests
•
Guardianship
•
Awards to heirs and/or legacies, bequests
•
Compliments trusts in existence
•
How assets are to be distributed
•
Person age 16 or more can make a will
•
A will should be regularly reviewed
•
Need will to prevent interstate succession occurring
•
Appoints executors and trustees
•
Make use of Income Tax and Estate Duty concessions
•
Foreign Will for off-shore assets
•
Burial requests
•
Collation provisions
•
Protection of minor’s interests
ANGLORAND FINANCIAL SERVICES GROUP
TRUSTS
The administration of any trust involves the following:
•
Asset/investment management
•
Relationship management
•
Compliance with relevant legislation
•
Testamentary Trust or Inter Vivos Trust
Types of Trusts:
Trusts have a very wide application but can be tailor-made to meet your needs.
•
Providing for minor beneficiaries
•
To honour maintenance commitments in terms of a divorce order
•
Providing for a disabled dependant or aged parent
•
Protecting and preserving assets for the next generation
•
Serving as a holding vehicle for your assets as part of your estate planning
•
Providing a regular income for your favourite charities
•
Providing for the dependants of a deceased employee – EBT’s.
ANGLORAND FINANCIAL SERVICES GROUP
TRUSTS cont.
Duties of Trustees:
•
Keeping a balance between present and future beneficiaries, where the
interests of one cannot outweigh those of the other
•
Treating all beneficiaries partially
•
Establishing a balance between the production of income and the protection
of capital
•
Ensuring that property of the trust retains its value, and appreciates where
possible
•
Keeping trust property in a proper state of repair
•
Switching speculative investments, awarded to trust, to safer investments
•
Investing surplus funds timeously
•
Making sure that co-trustees act prudently
•
Reviewing the trust investments regularly
•
Making sure the co-trustees act prudently
•
Honouring the wishes of the testator, testatrix or founder
ANGLORAND FINANCIAL SERVICES GROUP
FEES
ESTATES:
•
Statutory 3.5% of gross assets plus VAT
•
Reviewable on size of the estate
•
Dealer
-
0.35%
R3500
ART&E
-
1.4%
R14000
1.75%
R17500
Carter & Ass -
R35 000 (on a R1million estate)
WILLS:
•
R 550=00 plus VAT simple and uncomplicated
•
R 950=00 plus VAT more complex
TRUSTS:
R 3500=00 plus VAT per trust (excluding disbursements). If consultations
required, then charged on hourly rate of R 1400=00 plus VAT or pr0 rata
thereof.