anglorand trust and executorships (pty) limited

ANGLORAND FINANCIAL SERVICES GROUP

ANGLORAND TRUST AND

EXECUTORSHIPS (PTY)

LIMITED


“Let our advance worrying

become advance thinking and

planning.”

Winston Churchill

Anglorand Trust and Executorships (Pty) Limited

SERVICES

• Estate Planning

• Executorships and Estate Administration

• Wills

• Trusts


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


ESTATE PLANNING

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.


EXECUTORSHIPS

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.


EXECUTORSHIPS cont.

• 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


WILLS

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.


TRUSTS


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


FEESESTATES:

• Statutory 3.5% of gross assets plus VAT

• Reviewable on size of the estate

• Dealer - 0.35% R3500

ART&E - 1.4% R14000

Carter & Ass - 1.75% R17500

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.

anglorand trust and executorships (pty) limited

Documents