How much do you know about what happens to your money when you die? Whilst nobody really likes to think about dying itself, the decisions that you make now will have a major impact on the people you leave behind…
Death is an expensive and cumbersome process, made even more so if you don’t have an estate plan in place. Today, Coreen van der Merwe talks about estate planning and the role of trusts, and throughout the discussion of this fairly complex (but hugely important) topic, I translate the more technical concepts in a way that everyone can understand.
Show Notes
- [01.06] What happens when you die, from a legal and a financial perspective.
- [07.48] The role of the executor.
- [09.37] The length of time it takes to finalize an estate.
- [11.04] Dying without a will.
- [12.16] Children and inheritance.
- ]16.27] The importance of family meetings.
- [21.30] How to draw up a legal will.
- [25.29] How you can protect your money when you have assets all over the world.
- [31.06] The factors to take into account when setting up a trust.
- [38.16] When issues arise with trusts.
- [41.46] Setting up a business in a tax neutral jurisdiction.
Related posts and episodes
- What you need to know about wills.
- Getting control over your money with Laurie Bodisch
- Divorce and your money with Mary Waring
- Change your life by thinking deeply about this
- Talking to your partner about money with Dr Abby Medcalf
Learn more about Coreen
To find out more, pop into the Sovereign Group offices in Stellenbosch, or the Waterfront for a chat. Alternatively, you can call Coreen on 076 1100161, or head to the Cape Town section of their website for her details.
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Quotes
“Death can be an expensive and cumbersome affair if you don’t have a proper estate plan in place.” – Coreen van der Merwe
“What tax you pay, depends on both where you live, and secondly where the asset you own is situated.” – Lisa Linfield
“This whole process of creating an estate plan, or a death plan, is around saying, practically what happens? And practically, how do we put things in place that help against this?.” – Lisa Linfield
“The reality of a trust, everywhere in the world, is that it’s supposed to be an arms length agreement. Is that you’re not supposed to have control directly over that asset, that the trustees do.” – Lisa Linfield
“If you play within the rules, there’s nothing wrong with structuring your businesses so that you don’t pay any unnecessary tax.” – Coreen van der Merwe