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ANGLORAND FINANCIAL SERVICES GROUP ANGLORAND TRUST AND EXECUTORSHIPS (PTY) LIMITED.

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Presentation on theme: "ANGLORAND FINANCIAL SERVICES GROUP ANGLORAND TRUST AND EXECUTORSHIPS (PTY) LIMITED."— Presentation transcript:

1 ANGLORAND FINANCIAL SERVICES GROUP ANGLORAND TRUST AND EXECUTORSHIPS (PTY) LIMITED

2 ANGLORAND FINANCIAL SERVICES GROUP “Let our advance worrying become advance thinking and planning.” Winston Churchill

3 Anglorand Trust and Executorships (Pty) Limited SERVICES Estate Planning Executorships and Estate Administration Wills Trusts ANGLORAND FINANCIAL SERVICES GROUP

4 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 ANGLORAND FINANCIAL SERVICES GROUP ESTATE PLANNING

5 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. ANGLORAND FINANCIAL SERVICES GROUP EXECUTORSHIPS

6 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. ANGLORAND FINANCIAL SERVICES GROUP EXECUTORSHIPS cont.

7 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 ANGLORAND FINANCIAL SERVICES GROUP WILLS

8 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. ANGLORAND FINANCIAL SERVICES GROUP TRUSTS

9 ANGLORAND FINANCIAL SERVICES GROUP 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

10 ANGLORAND FINANCIAL SERVICES GROUP FEES ESTATES : 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 R (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.


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