This assessment will help you identify your key fiduciary needs and possible changes required. High level estate planning tool Name First Last Email What is your marital status?SingleMarried - In community of propertyMarried - out of community of propertyDivorcedIn long term relationship but not marriedWidowedDo you have a current will?YesNoNot sure/ don't knowWhen last did you review your will?Recently. I the last year or twoIt has been a while. Probably in the last 3 to 5 yearsIt has been a long time. Probably more than 5 years but in the last 10 yearsMore than 10 years ago or I have never reviewed my willI can't rememberDo you wish to leave your entire estate to your spouse?Yes - I will leave my entire estate to my spouseNo - I will leave some of my assets to others (e.g. children, parents, charities)Is your spouse/ life partner potentially (now or in the next 5 years) incapable of managing their own financial affairs (e.g. incapable of managing their financial affairs due to illness or inability)?NoYesNot sure, but it is a concernHave you updated your will since your divorce?YesNoI don't know - I am not sureHave you updated your will since your spouse passed away?YesNoI don't know - I am not sureDo you have minor children or grandchildren (who are to inherit from your estate)?Yes we have minor children/ grandchildrenNo - I don't have any minor children/ grandchildren as beneficiaries of my estateHave you formally appointed a guardian for your minor children (including discussions about how the children are to be raised and educated)?No. We have not formally appointed anyone to look after our minor childrenYes. We have nominated someone in our will and had fairly detailed discussions with them on how the children are to be educated and raised (e.g. faith instruction)Yes. We have nominated someone in our will but HAVE NOT had discussions with them on how the children are to be educated and raised (e.g. faith instruction). This area probably needs attentionWhat is the time frame between now and the age at which your last minor child/ grandchild will be entitled to inherit capital (e.g. if your youngest child/ grandchild is now 13 and you only wish them to receive capital at age 23, the answer to this question is 10 years_less than a year1 to 3 years3 to 5 yearsMore than 5 yearsDo you have any special needs (with a severe physical or metal impairment) family (spouse, children or parents)?NoYes - We have provided for themYes - We have NOT yet provided for themWould you like some level of discretion applied to the distribution of your assets?Definitely not - Everyone is to receive a preset amount or percentageMaybe - it may be sensible to provide for some discretion to be applied in cases where this is warranted and fair (e.g. if the event of a crisis in the lives of one beneficiary)Yes - It seems sensible to be flexible on the allocation of capital to beneficiariesAre you an active entrepreneur and/ or do you provide surety/ security for others (businesses or individuals)?NoYes - I do provide surety/ security for others and it is of some concernYes - I am an entrepreneur and/ orr provide surety/ security, but the amounts are minimal and don't really pose any significant risk to my estateWhat is the approximate size of your estate (your share of a common estate is typically roughly half the combined estate for those married in community of property)R 250 000 or lessMore than R 250 000 but less than R 2 milR2 mil to R 4 milMore than R 4 milDo you have assets outside South Africa (e.g. foreign investment allowances taken out or inheritances received)?YesNoDo you have a foreign will?Yes. I have a separate foreign willNo. I don't have a separate will for my offshore assetsI don't know / I don't think soIs your personal estate worth more than R 3.5 mil or your combined estate (with your spouse) more than R 7 mil?YesNoHave you made provision (for the cash required) for CGT and/ or estate duty?YesNoNo, but it should not be an issue as I hold significant amounts of cash/ near cashI don't think so/ I don't knowDo you intend to leave a significant bequest to charity or faith based institutions?YesNoDo you have a family trust?NoYesIs your family trust fully compliant with all legislation and regulations (e.g. i.t.o. independent trustees, maintaining minutes, tax returns, annual financial statements)?No. We don't have a professional, independent trustee and our records are not up to dateYes, to a degree. We have an independent trustee, but our administration is not as it should be (e.g. we don't meet regularly or minute meetings)Yes. Our trust is totally compliant,as our independent trustee attends to all the administration and complianceFiduciary feedback _________________________________________________________Write a will today. Even if this is a simple, template will for nowWe suggest that you draft a will as a matter of urgency, as dying without a valid will (known as dying intestate) creates unnecessary stress for your family and significantly delays the winding up of your estate. This is especially relevant if you are a breadwinner or have minor children.It is time to update (review your will)Wills need to be updated on an ongoing basis, to ensure that it remains relevant for your family circumstances. You indicated that you will was last updated some time back, and as such urge you to review your will as a priority ASAP. Call us on 011 706 3970/ 4 should you require assistance reviewing your will. It is time to update (review your will) following the passing of your spouseYour will needs to be updated, following the passing of your spouse. This is required to ensure that your will remains relevant for your circumstances and avoids the complications of leaving part of your estate to someone who is already deceased. We urge you to review your will as a priority ASAP. Call us on 011 706 3970/ 4 should you require assistance reviewing your will. It is time to update (review your will) following your divorceYour will needs to be updated, following your divorce. This is required to ensure that your will remains relevant for your circumstances and avoids the complications of leaving part of your estate to your ex husband/ wife. We urge you to review your will as a priority ASAP. Call us on 011 706 3970/ 4 should you require assistance reviewing your will. Leaving you entire estate to your spouse probably requires a fairly simple (standard) will.Your intention to leave your entire estate to your spouse, coupled with your guidance that you your estate will be below the dutiable estate (the size estate at which estate duty is charged) implies that your will can be fairly simple, possibly even a standard template will (see our template - Will leaving entire estate to spouse under resources, or Call us on 011 706 3970/ 4 should you require assistance reviewing your will.Consider a trust (testamentary or inter vivos) to look after your spouseWe would urge you to consider providing for a testamentary trust (in your will) or creating an inter vivos trust now to look after your spouse. This is recommended given your answer that your spouse is not/ may not be able to manage their own financial affairs. Call us on 011 706 3970/ 4 should you require assistance or guidance on the wording required in your will or to discuss the merits of a establishing a trust.Consider a trust (testamentary or inter vivos) to look after your minor children/ grand childrenWe would urge you to consider providing for a testamentary trust (in your will) or creating an inter vivos trust now to look after your minor children/ grand children. This is recommended given your answer that your spouse is not/ may not be able to manage their own financial affairs. Call us on 011 706 3970/ 4 should you require assistance or guidance on the wording required in your will or to discuss the merits of a establishing a trust.Consider a establishing a trust (testamentary or inter vivos) to allow some discrtion in the distribution of your assets (to ensure that you assets are allocated according to the real needs of dependents, rather than in a prescribed form). ter your minor children/ grand childrenConsider a establishing a trust (testamentary or inter vivos) to allow some discretion in the distribution of your assets (to ensure that you assets are allocated according to the real needs of dependents, rather than in a prescribed form). While this could be either a testamentary trust or an inter vivos trust inter vivos trusts are typically more effective vehicles for this type of situation. Call us on 011 706 3970/ 4 should you require assistance or guidance on the wording required in your will or to discuss the merits of a establishing a trust.Consider a establishing a special needs trust for your special needs familyWe would urge you to consider creating a special trust for your special needs family. This not only ensures that you provide for the needs of special needs family/ dependents, but also offers some tax benefits. This is recommended given your answer that you have special needs dependents (i.e. family with a severe physical or mental impairment.) Call us on 011 706 3970/ 4 should you require assistance or guidance on the wording required in your will or to discuss the merits of a establishing a special trust.Consider using a trust to protect your assets against creditorsWe would suggest that you consider placing some assets in a trust to protect some of your estate against claims by creditors. This is recommended as you indicated that you are an entrepreneur and/ or that you have provided security/ guarantees or stood surety for third parties. Call us on 011 706 3970/ 4 should you require assistance or guidance on the wording required in your will or to discuss the merits of a establishing a trust.You should consider creating a separate foreign (offshore) will to cover your assets outside the republic of South AfricaYou indicated that you have offshore assets but don't have a separate will to handle your foreign assets. While not critical, we would suggest that you consider drafting a will to handle your assets outside the republic of RSA, as this simplifies and speeds up the winding up of your estate. Please call us on 011 706 3970 / 4 for assistance with the drafting of a foreign will.Your estate appears to fall below the R 250 000 threshold, allowing your estate to be handled in a simplified and accelarated fashionIt would appear as tough your estate will be below the R 250 000 threshold and this allows for a simplified estate process. Please download and complete our template Will template for estates under R 250 000 (see under resources). Please call 011 706 3970 / 4 should you require assisatnce with the drafting/ completion of this will.Consider starting a charitable cause/ foundation/ PBO or donating assets to a 3rd party PBO that appeals to youYou should consider establishing a foundation/ charity/ PBO or donating funds to (and becoming involved with) another (existing) organisation that appeals to you now. There may be significant structuring (and tax) benefits to donating money to a new or existing PBO now, rather than providing for this in your will. This will help ensure that your charitable is strictly in accordance with your wishes. Please call us on 011 706 3970/ 4 for more information on philanthropic services and the benefits of making these bequests earlier. Providing for CGT and estate dutyIt is highly recommended that you consider how you will provide for CGT (capital gains tax) and estate duty upon your death, as these figures can be material and need to be provided for (cash must be readily available). Call us on 011 706 3970 / 4 to arrange a meeting to discuss this further.Ensure that your trusts and structures are complaintIt would appear as though you may need to regularise your trusts/ companies, possibly by engaging the services of professional trustees/ directors and or ensuring the financial statements/ tax is fully up to date. Failure to do so may result in unintended consequences that may jeopardise much of your planning. Give this urgent attention. Call us on 011 706 3970 / 4for help in these areas. You need to give attention to the appointment of a suitable legal guardian for your childrenWe would urge you to give serious attention to appointing suitable legal guardians for your young children. This should not only include formal discussions around how they are to be raised (including faith elements) but also how they are to be schooled. Please call us on 011 706 3970 / 4 for help in identifying and formalising the appointment of the right guardian for your children. Please call us on 011 706 3970 / 4 should you need help completing the form or should you have any questions.
