Tips on wills and succession planning for business owners

If a company owns the business and there are two or more shareholders, you should have a shareholders agreement or, at the very least, a buy and sell agreement providing for the surviving shareholder to have an option to purchase the shares of the deceased shareholder. You should also consider taking out life insurance on […]

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Alzheimer Disease and Wills

Section 4 of the Wills Act, 1953 stipulates that “every person of the age of sixteen years or more may make a will unless at the time of making the will he is mentally incapable of appreciating the nature and effect of his act”. Whether the testator is mentally capable of appreciating the nature and […]

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Covid-19 and Wills

Covid-19 made a lot of people realize that we are not immortal. Covid-19 hence also made a lot of people realize that they should have a will. If you die without a will, an act of Parliament, namely the Intestate Law of Succession, 1987 prescribes who will inherit your estate. This is one very good reason to rather […]

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Rights of beneficiaries of a discretionary trust

A trust is created when the founder of the trust places the trust assets or trust property under the control of the trustees, who must administer the trust assets in the best interest of the beneficiaries. Ownership in the trust property can either be transferred to the trustees, in their capacities as such, (a discretionary […]

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Legal tips for life partners

The definition of a spouse in the Income Tax Act caters for a person, who is a party to a ‘same-sex or heterosexual union which the commissioner is satisfied is intended to be permanent’ (hereinafter in this article referred to as a “life partner”). Here are a couple of legal and financial implications flowing from […]

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