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Who doesn’t need a bit of extra income? “Buite boedels” is a well-known term used in our industry. We have discussed “buite boedels” in Newletter 5 and would like to remind you again that you can earn commission when you refer a “buite boedel” to Legatus Trust.
Just to recap: A “buite boedel” is a deceased estate where there is no Will (intestate) or where a natural person such as a spouse, family member or friend was nominated as Executor. If there ís a Will with a nominated Executor, i.e. another trust company, an attorney or an institution like a bank, etc. and the appointment is renounced, it will also become a “buite boedel”.
If you would like to know more about “buite boedels”, please contact your Legatus Trust marketer who will assist you with you queries.
PLEASE NOTE: This invitation is open to all brokers, their staff, friends and family.
MAIN TYPES OF ESTATES
….. Read more in the upcoming edition!
WHO MAY INHERIT IN AN ESTATE?
A person can inherit either testate, when a valid Will is in place, or intestate, where there is no Will or an invalid Will. In the latter cases, the Law of Intestate Succession will be applicable.
In terms of the Law of Intestate Succession, a person’s estate will devolve upon certain family members as dictated by law, which is not always what a person wants. It is better to have a Will in place and thus the freedom of choice. Heirs inheritances can then also be protected from future marriages and a testamentary trust be created for minors.
At first glance, bequeathing items to an heir seems like a straightforward and easy enough task. It is a simple case of who gets what, right? But it is possible that a nominated heir may be disqualified from inheriting.
The question of who may inherit has been raised by the public during recent murder court hearings. The question asked was: How fair is it that someone found guilty of the murder of, for instance, a wealthy parent, inherits a fortune?
There are indeed certain circumstances that can disqualify a potential heir:
Leaving items to an heir is not just a simple case of who will be getting what. The process is somewhat more delicate and complex than it seems at first, and careful thought has to be given to the drafting of a Will.
The thought of drafting a Will might be overwhelming. Rather consult with Legatus Trust who has the best interests of all parties at heart. Since Legatus Trust is impartial, a potential heir will, for instance, not be disqualified because of a Will drafted by him-/herself. Knowledgeable, professional and sympathetic to the situation, Legatus Trust can give the best advice possible and be of assistance through every step of the process. This will make the eventual process easier for all loved ones, still making sure that everyone gets his/her share.
ANONYMOUS DONATION "TO CLEAR THE NATIONAL DEBT" OF BRITTAIN
In 1928, an anonymous donor made a half-million-pound bequest to Britain to clear the entire national debt. The donor was unfortunately very specific about how the money should be spent: it should only be passed on once there is enough to clear the entire national debt. With a national debt standing at over £1,5 trillion, the country cannot touch the money, which is now worth more than £350 million. A well-meant gesture for the love of country, but sadly not feasible.
Until next time.
“The Legatus Times” Team
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