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Legatus Trust is your access to extensive expertise and capabilities in fiduciary services and is proud to provide a free Wills drafting and safe keeping of Wills service as well.
Contrary to the perception that is being created in the marketplace that an inferior service is delivered by professionals who provide free Wills, we at Legatus Trust deliver the same excellent service, whether it is a free or fee-based Will. We take personal circumstances into account and cater for specific and ever-changing needs of our clients.
In our previous newsletters we have emphasized numerous times the importance of a Will and the careful thought that needs to go into the drafting thereof. At Legatus Trust, we believe that it is of fundamental importance that every qualifying individual has access to a properly drafted, valid Will. Therefore, you can feel perfectly at ease making use of Legatus Trust’s free Wills’ service.
A few positive thoughts to ponder on:
“One small positive thought in the morning can change your whole day.”
“You can’t live a positive life with a negative mind.”
“Always end the day with a positive thought, no matter how hard things were.
Tomorrow’s a fresh opportunity to make it better.”
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THE IMPACT OF THE TWO TYPES OF ESTATES ON THE ADMINISTRATION PROCESS
Read more in the upcoming edition!
TWO MAIN TYPES OF ESTATES
In this edition, we are only going to explain the difference between the two main types of estates.
When preparing a Will, it is wise to make use of Legatus Trusts’s services to guide you through the process. As no two estates are the same, it is advisable to deal with people who has extensive expertise and experience in these fields. Each person’s circumstances are unique and must be dealt with accordingly.
There are two main types of estates. It is either a Section 18(3) estate with a total asset value of R250,000, or a regular estate which include all estates with an estate value above R250,000.
Section 18(3) Estate
When the value of an estate totals R250,000 or less, it is a Section 18(3) estate. It is often considered the simpler and less formal of the two types and is generally concluded much quicker than its counterpart, but not necessarily so. Previously, the value of a Section 18(3) estates was R125,000 or less. On 24/11/2014 it was changed to R250,000. With a Section 18(3) estate, the Master will issue Letters of Authority. This document will list all the specific assets the Executor can deal with.
All other Estates
When the value of an estate exceeds R250,000, the Executor is dealing with a regular estate. Before 24 November 2014, the value of this estate had to exceed R125,000. A formal administration process must be followed when dealing with this type of estate. In this case, the Master will issue Letters of Executorship. This document gives the Executor an open mandate to deal with all the assets in the estate.
Exceptions are insolvent estates where a different approach to the administering of the estate is required.
The services of Legatus Trust, an authority on the drafting of Wills and rendering fiduciary services, will ensure that the Will is drafted correctly, taking personal circumstances into account and ensuring that the winding up of the estate is done as smoothly as possible.
In the next issue we will discuss the impact these two types of estates will have on the administration process in more detail.
Born in Russian-occupied Poland in 1867, Marie Curie moved to Paris at age 24 to study science. As a physicist and chemist, Madame Curie was a pioneer in the early field of radioactivity, later becoming the first two-time Nobel laureate and the only person to win Nobel Prizes in two different fields of science -- physics and chemistry.
When she died in 1934, a gram of pure radium, originally received as a gift from the women of America, was her only property of substantial worth.
Her Will stated: "The value of the element being too great to transfer to a personal heritage, I desire to will the gram of radium to the University of Paris on the condition that my daughter, Irene Curie, shall have entire liberty to use this gram……….according to the conditions under which her scientific researches shall be pursued."
Element 96, Curium (Cm), was named in honor of Marie and her husband, Pierre.
Until next time.
“The Legatus Times” Team
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