FREQUENTLY ASKED QUESTIONS
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What is the lifespan of a family trust?
South African trust law does not prescribe a general maximum lifespan for an inter vivos trust. A trust can therefore continue for a long period, including across generations, if its trust deed permits this and it continues to have a…
How long does a deceased estate take to settle?
From a beneficiary’s perspective, an estate is effectively “settled” when the statutory administration has progressed far enough for the executor to pay creditors and distribute the inheritance in accordance with the Liquidation and Distribution account. There is no statutory minimum…
What is the purpose of a family trust?
A family trust is commonly used to hold and manage family assets over the long term, provide for beneficiaries in a structured way, create continuity in the management of wealth and, where appropriate, form part of an estate and asset…
Where to draft my will for free?
Free will drafting options are available in South Africa, although availability and terms can change. National Wills Week is an official annual initiative held in September with the Department of Justice and Constitutional Development, the Law Society of South Africa…
How to register a deceased estate?
A deceased estate is more accurately described as being “reported” rather than registered. Reporting is done by lodging the prescribed information and supporting documents with the Master of the High Court, either through the Department of Justice’s Deceased Estates Online…
Can a deceased estate be for sale?
A deceased estate itself is not “for sale” as a legal entity, but assets forming part of a deceased estate can certainly be sold during administration. This most commonly refers to a property marketed as a “deceased estate sale”. The…
Who is the beneficiary of an inter vivos trust?
The beneficiaries of an inter vivos trust are the persons, entities or determinable classes identified in the trust deed as those for whose benefit the trust is administered. They may include individuals, companies, other trusts or a clearly defined class…
How long after someone dies is the money released?
There is no single release date because different assets follow different legal processes. Money in the deceased’s bank accounts is generally frozen against ordinary personal use after the bank becomes aware of the death. Once the executor is appointed, estate…