Page 10 - Bespoke EPG 2017 Digital

■■ Until the Master of the High Court has issued Letters of Executorship,
authorising the executor to act on behalf of the estate, the estate is frozen.
The estate planner needs to build this contingency into his plan, to ensure
that family members have cash funds immediately available.

■■ To provide for dependants and protect minor beneficiaries
◆◆ To ensure that dependants are adequately provided for during an estate
planner’s lifetime, and after his death.
◆◆ To provide protections for minor beneficiaries, including custody and / or
guardianship, and to prevent any bequests to a minor being held by the
Guardian’s Fund until he or she reaches majority.

■■ To minimise the impact of taxation on an estate
◆◆ Suitable planning could help minimise the impact of tax on an estate
including estate duty, income tax, capital gains tax, value-added tax and
transfer duty.

■■ To provide for future growth of assets outside the estate planner’s estate
■■ To provide for business interests (where applicable)

◆◆ An estate planner’s business interests may impact on his personal affairs,
and indeed his estate.

■■ To provide for an estate planner’s own set of unique circumstances
◆◆ An estate planner may have been involved in more than one marriage
or relationship, or have obligations to various children, perhaps from
different marriages. Each set of circumstances will need careful planning.

■■ To take account of offshore assets (where applicable)
◆◆ An estate planner may hold assets offshore. When embarking on the
process of planning his estate, the estate planner needs to take account
of his global estate.

7