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ESTATES

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JOINT ESTATES: CLARIFICATION ON THE ALIENATION OF ASSETS

Section 11(1) of the Matrimonial Property Act 88 of 1984 (the Act) repealed the marital power that included the right of a husband in a marriage in community of property to alienate assets forming part of the joint estate to the prejudice of his wife. Section 14 of the Act introduced equal powers of the spouses with regard to the alienation of the assets of the joint estate, subject to s 15 requiring mutual consent for the alienation of the ‘big ticket’ items (including insurance policies) in the joint estate.

In the insurance industry, especially in respect of risk only life policies (also known as ‘term policies’), s 15 of the Act has caused challenges. Ostensibly Naidoo v Discovery Life Limited and Others (SCA) (unreported case no 202/2017, 31-5-2018) (Mbha JA) (Shongwe ADP, Willis JA, Hughes and Schippers AJJA concurring) has clarified the position, but the Constitutional Court (CC) may adopt a different approach.

By Jerome Veldsman BCom LLB (Stell) and Roxanne Ker BA (Law and Psychology) LLB (UCT), attorneys at Walkers Inc in Cape Town.

Read the full article here: http://www.derebus.org.za/joint-estates-clarification-on-the-alienation-of-assets/

CHANGES TO THE ADMINISTRATION OF ESTATES ACT 66 OF 1965 AND THE INTESTATE SUCCESSION ACT 81 OF 1987

The Minister of Justice and Correctional Services repealed and confirmed the changes to the amounts in respect of the following sections of the Administration of Estates Act 66 of 1965 –

s 18(3);
s 80(2)(a);
s 80(2)(b); and
s 90(1) (see GN R920GG38238/38238/24-11-2014).

It is important for all practitioners to note that the amounts in respect of the above sections have now been increased to R 250 000 from its previous limit of R 150 000, which implies the following:

In terms of s 18(3), if the value of the estate exceeds R 250 000, letters of executorship must be issued and the full process prescribed by the Administration of Estates Act must be followed. However, if the value of the estate is less than R 250 000, the Master may dispense with letters of executorship, and issue letters of authority.

By Maurice Alexander LLB (UWC) a candidate attorney at Knowles Husain Lindsay Inc in Cape Town.

Read the full article here: http://www.derebus.org.za/changes-to-the-administration-of-estates-act-66-of-1965-and-the-intestate-succession-act-81-of-1987/

FIDUCIARY EXPERTS DISCUSS WILLS, ESTATE PLANNING, TRUSTS AND DECEASED ESTATES

The Fiduciary Institute of Southern Africa (FISA) held its third annual conference on 19 September in Midrand where fiduciary practitioners and academics discussed issues in the fiduciary industry.

Fiduciary practice includes estate planning, the drafting of wills and the administration of trusts, beneficiary funds and deceased estates. The topics discussed included the winding-up of ‘bloody’ estates, corporate liability of trustees, wills and marital regimes and estate planning.

By Nomfundo Manyathi-Jele, nomfundo@derebus.org.za

Read the full article here: http://www.derebus.org.za/fiduciary-experts-discuss-wills-estate-planning-trusts-deceased-estates/

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