Are wills and estate planning really necessary? Emphatically YES, and it never fails to amaze me just how many people ignore this simple fact!
NOTE:There is an abatement of R3.5 million on each estate, with a tax of 20% on assets over this amount.
Is this also necessary? This depends largely upon the size of your estate. As there is an abatement of R3.5 million on your death, should your estate be between R3.5 – R10 million, estate planning is not that critical. However, in the event of a large estate, it is well worthwhile doing an estate planning exercise to try and reduce taxes etc. which could have an impact on your legacy.
DO NOT LEAVE IT ALL TOO LATE!!