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Wills, Estate Planning and Trusts

One of the benefits of having an attorney draw up your Will and attend to your Estate Planning and Trusts is that we are well versed in the required legalities and ever-changing laws and best equipped to interpret legal documents and legislation.

At Pagdens, we have two dedicated attorneys in our Estates Team to guide you to make the best possible decisions to suit your specific circumstances. With many years in industry and having completed advanced courses in Estate Planning, we are well equipped to draft Wills, advise you on appropriate Estate Structuring to suit your needs, draft and register new Trusts where required and amend existing Trust Deeds.

When clients request our assistance in setting up new Trusts or assessing existing Trusts there are a number of areas of concern that we know to look out for and to ensure are covered in new Trust Deeds. Our Wills and Deeds are tailored to the needs of our clients.

Here are just seven areas of concern that we look at when assessing a client’s Trust Deed:

1. Are the wording of the Trust Deed and its definitions clear and unambiguous?
2. Is the Trust a beneficiary of another Trust?
3. Does the Trust Deed call for the consent of beneficiaries for amendments if the beneficiaries have already benefited?
4. Are any of the beneficiaries resident overseas?
5. Does the Trust Deed allow trustees to accept nomination as beneficiary of policies and products?
6. Does the Trust Deed allow for distribution of income, capital and capital gains?
7. Is the Trust Deed correctly worded to take into account the effects of section 7C of the Income Tax Act?

These are just a few of the numerous areas of possible concern depending on the circumstances and requirements of the specific Trust. An experienced planner will be able to advise you on why these and other issues are important and whether your Trust Deed requires any amendment. An attorney is trained to write clearly and consider the consequences and intention of the wording and clauses used in Wills and Trust Deeds. An ambiguous clause in a Trust Deed or a Will may lead to major complications once the Trust Founder or Testator passes away and is no longer available to provide clarity.

Many clients have Wills or Trust Deeds drawn up when they are young, newly married or starting their families and never reconsider the effectiveness of these documents as time passes. Laws, specifically Tax laws, change substantially almost every year and a Trust Deed or Will you believe may be suited to your needs, may in fact lead to undue tax payments and wasted savings opportunities for you and your family.

Estate Planning, Will Drafting, Administration of Deceased Estates and Trust structuring are all based on specialised laws and the parameters of what our laws allow. An attorney, with the relevant training and experience, is the best person to ensure that your Estate Plan, Will and Trust are suitable to your circumstances and requirements.

Allow our team to assess your Trust Deed, Will or Estate Plan to ensure that the set up you have is still effective and advise on ways to improve your structure. We can then be your legal partners for years to come as laws change or your circumstances differ. When considering the complexities involved and the fact that you are dealing with your life savings and family’s future, why wouldn’t you take the opportunity to allow an experienced professional to be your guide.

Pagdens will be offering Free Will drafting services during the month of April 2023. All you need to do to take advantage of this offer is contact us at 041 502 7292 or nicole@pagdens.co.za to set up a consultation. You can also complete our Online Will Form and we will get in touch with you.

We look forward to meeting you and ensuring that your Estate Plan is thorough and well structured. If you’re not sure that your Will is the best that it can be, it can’t hurt to see us for free.

This article is for general information should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact an attorney for specific and detailed advice. Errors and omissions excepted (E&OE)